Shanghai Spot Copper Price Movement on Oct. 19

SHANGHAI, Oct. 19 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 150-250/mt today. Traded prices for standard-quality copper were between RMB 55,300-55,450/mt, and RMB 55,350-55,600/mt for high-quality copper. SHFE copper prices slightly rebounded, and spot copper supply contracted compared with the previous trading day since some hedged copper was locked. Besides, downstream producers’ purchasing interest weakened following the bargain hunting at low prices on the prior day. Hence, spot copper premiums failed to increase significantly. Market transactions were mainly arbitrage transactions made by speculators in the morning business.