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Shanghai Spot Copper Price Movement on Sept. 9
Sep 9,2011 13:27CST
smm insight
Source:SMM
Shanghai spot copper offers were quoted between discounts of negative RMB 100/mt and premiums of positive RMB 0/mt today.

SHANGHAI, Sept. 9 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 100/mt and premiums of positive RMB 0/mt today. Traded prices for standard-quality copper were between RMB 67,880-67,980/mt in the morning business, and RMB 67,950-68,050/mt for high-quality copper. As China's CPI data remained higher in August, SHFE copper prices felt weak to move upward. In this context, cargo-holders were eager to move goods to generate cash and avoid risks before the Chinese Mid-Autumn Festival holiday, resulting in a significant increase in market supply. To promote transactions, cargo-holders voluntarily allowed spot copper to be traded at discounts, but the situation of oversupply kept demand weak, although some downstream producers increased stockpiling before the festival. 
 

Shanghai spot copper price movement

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