Shanghai Spot Copper Price Movement on Nov. 9

SHANGHAI, Nov. 9 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 100/mt and premiums of positive RMB 30/mt today. Traded prices for standard-quality copper were between RMB 58,550-58,750/mt, and RMB 58,650-58,950/mt for high-quality copper. As SHFE copper prices fell after a high open, cargo-holders tried to turn copper offers to premiums from discounts. But sufficient copper supply caused high-quality copper to be traded at slight discounts of negative RMB 20-30/mt in the morning business, and copper discounts for hydro-copper reached as high as negative RMB 170/mt, dragging down domestic standard-quality copper. Copper importers actively moved goods to generate cash at the highs, and copper discounts remained.