Shanghai Spot Copper Price Movement on Dec. 23

SHANGHAI, Dec. 23 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 450-300/mt today. Traded prices for standard-quality copper were between RMB 55,450-55,550/mt, and RMB 55,550-55,700/mt for high-quality copper. SHFE copper prices continued to rebound, and cargo-holders were eager to move goods due to cash flow problems at the year-end, leading to a significant expansion in spot copper discounts. However, downstream producers were unable to make purchases, and only some producers having capitals chose an opportunity to enter the market, leaving market transactions lackluster. Spot copper discounts are unlikely to narrow in the coming week due to prevailing capital pressures.