Shanghai Spot Copper Price Movement on Jan. 9

SHANGHAI, Jan. 9 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 100/mt and premiums of positive RMB 80/mt in the morning business. Traded prices for standard-quality copper were between RMB 55,150-55,300/mt, and RMB 55,250-55,500/mt for high-quality copper. As SHFE copper prices slid owing to upside resistance, spot copper premiums rose. Market supply was sufficient with various brands, and the supply of domestic copper was dominated by hedged copper. Speculative activities were restricted, and downstream producers also had no buying interest due to pessimism towards future copper prices and high premiums on Monday, bringing market transaction into stalemate.