Shanghai Spot Copper Price Movement on Oct. 18

SHANGHAI, Oct. 18 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 200-350/mt today. Traded prices for standard-quality copper were between RMB 54,900-55,100/mt, and RMB 55,000-55,300/mt for high-quality copper. SHFE copper prices moved lower after a low open, and hedged copper came on the market. The SHFE/LME copper price ratio continued to fall, expanding losses for copper imports and causing cargo-holders to increase copper premiums. Cargo-holders of domestic copper were also active moving goods for cash generation given higher copper premiums, keeping market supply very ample. Downstream producers made purchases on an as-needed basis, while speculators had no profit room on account of higher copper premiums, resulting in moderate market transactions.