Shanghai Spot Copper Price Movement on Oct. 17

SHANGHAI, Oct. 17 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 0-100/mt today. Traded prices for standard-quality copper were between RMB 56,250-56,450/mt, and RMB 56,300-56,550/mt for high-quality copper. SHFE copper prices met resistance to move upward after a high open, and cargo-holders of current-month copper contract tried to hold premiums. As the price difference between current-month and SHFE 1111 copper contract increased by nearly RMB 200/mt, cargo-holders became more unwilling to move goods. Despite expanded copper premiums, market transactions were depressed. Given stronger near-term contracts and weaker forward-term contracts on the SHFE copper market, market transactions turned to stagnate, with low sentiment of keeping up with rising prices.