Shanghai Spot Copper Price Movement on Jan. 16

SHANGHAI, Jan. 16 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 350-200/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,000-57,100/mt, and RMB 57,050-57,250/mt for high-quality copper. As SHFE copper prices moved higher after a low open, and as spot copper supply was sufficient, cargo-holders actively adjusted copper discounts to promote transactions before the Chinese New Year holiday. However, speculators became more reluctant to enter the market, while downstream producers basically stayed out of the market, bringing market transactions into stalemate.