Shanghai Spot Copper Price Movement on Oct. 14

SHANGHAI, Oct. 14 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 80-180/mt today. Traded prices for standard-quality copper were between RMB 55,300-55,450/mt, and RMB 55,400-55,550/mt for high-quality copper. As China’s CPI data for September remained high, SHFE copper prices fell after initially increasing, with already no volatility in SHFE current-month copper prices before the delivery date. The SHFE/LME copper price ratio remained at low levels, and cargo-holders pushed up spot copper premiums. The low-end traded prices for spot copper rose, leaving no operating room for speculative investors, and with downstream producers making purchases on an as-needed basis. Market transactions were moderate, and the situation of market oversupply also eased some.