Shanghai Spot Copper Price Movement on Jan. 17

SHANGHAI, Jan. 17 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 580-400/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,950-58,200/mt, and RMB 58,000-58,400/mt for high-quality copper. As SHFE copper prices surged by more than RMB 1,000/mt, spot copper discounts rose sharply. However, cargo-holders of low-quality copper refused to offer large discounts, causing the supply of low-quality copper to decrease. Nevertheless, overall copper supply on the spot market remained sufficient. Some speculators took an opportunity to enter the market, but overall trading sentiment was still low.