Shanghai Spot Copper Price Movement on Oct. 24

SHANGHAI, Oct. 24 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 250-450/mt today. Traded prices for standard-quality copper were between RMB 54,150-54,600/mt, and RMB 54,200-54,700/mt for high-quality copper. SHFE copper prices moved higher and increased by more than RMB 600/mt as of 10:00 am, causing spot copper premiums to fall. Copper supply was sufficient today, including domestic and imported copper. Cargo-holders were active moving goods to generate cash due to the approach of the month’s end. Speculators conducted market operations, while downstream producers had little interest in purchases due to doubts about continuous rebounds in future copper prices, with market wait-and-see sentiment growing in the market.