Shanghai Spot Copper Price Movement on Sept. 29

SHANGHAI, Sept. 29 (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 52,300-52,800/mt, and RMB 52,400-53,000/mt for high-quality copper. As LME copper prices slumped this morning, SHFE copper prices opened significantly down. Spot copper offers were reported between premiums of positive RMB 100-150/mt, and market transactions were relatively brisk. As LME copper prices returned around USD 7,000/mt, SHFE copper prices failed to rally. Cargo-holders were eager to move goods for cash generation and all cut price offers, causing standard and high-quality copper to trade at discounts during major trading hours. Risk aversion sentiment, a lack of confidence and technical pressures all made transactions more difficult.