Shanghai Spot Copper Price Movement on Sept. 28

SHANGHAI, Sept. 28 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 50 and premiums of positive RMB 50/mt today. Traded prices for standard-quality copper were between RMB 55,550-55,750/mt, and RMB 55,600-55,850/mt for high-quality copper. SHFE copper prices failed to rebound, and the SHFE/LME copper price ratio fell significantly. As cargo-holders were eager to move goods for cash generation before China’s National Day holiday, copper premiums tended to turn into discounts. However, downstream producers were not seen to build inventories before the holiday, while traders stayed out of the market for risk aversion, keeping market cautious sentiment more pronounced.