Shanghai Spot Copper Price Movement on Sept. 15

SHANGHAI, Sept. 15 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 0-150/mt today. Traded prices for standard-quality copper were between RMB 65,250-65,400/mt, and RMB 65,350-65,550/mt for high-quality copper. As Wednesday was the last trading day before the delivery date, the price gap between SHFE 1109 and 1110 copper contracts gradually narrowed. Spot copper supply remained over ample. The price gap between SHFE 1109 and 1110 copper contracts was more than RMB 200/mt in the morning business, and cargo-holders were eager to sell for cash generation at discounts of negative RMB 200-100/mt. As the price gap between SHFE 1109 and 1110 copper contracts gradually reduced to RMB 0/mt, cargo-holders’ willingness in moving goods weakened, helping copper discounts fall to negative RMB 0/mt. Despite mixed price offers, buyers increased purchases at the lows, improving market transactions.