Shanghai Spot Copper Price Movement on Sept. 13

SHANGHAI, Sept. 13 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 30/mt today. Traded prices for standard-quality copper were between RMB 66,800-66,900/mt, and RMB 66,850-66,950/mt for high-quality copper. SHFE copper prices moved downward after a low open, dropping more than 2%. Earlier hedged copper came into the markets in large amounts, significantly increasing copper supply. Imported copper was the first to be traded between premiums of RMB 0/mt and discounts. Although some speculators made purchases at low prices, bearish sentiment overshadowed the spot market again. Furthermore, as downstream producers already made some stocks before the Chinese Mid-Autumn Festival holiday, the characteristic of market surpluses was more pronounced today, making transactions more difficult.