Shanghai Spot Copper Price Movement on Oct. 13

SHANGHAI, Oct. 13 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 50-150/mt today. Traded prices for standard-quality copper were between RMB 55,050-55,200/mt, and RMB 55,100-55,300/mt for high-quality copper. SHFE copper prices met resistance at RMB 55,000/mt, and the continuous falling SHFE/LME copper price ratio was negative for copper imports. Due to the approach of delivery date, cargo-holders tried to push up copper premiums, but market transactions showed weak. The number of market participants taking a wait-and-see stance was growing given low market confidence, bringing market transactions into a stalemate.