Shanghai Spot Copper Price Movement on Feb. 8

SHANGHAI, Feb. 8 (SMM) –Shanghai spot copper discounts were reported between negative RMB 300-150/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,350-59,530/mt, and RMB 59,450-59,650/mt for high-quality copper. SHFE copper prices moved higher, but cargo-holders narrowed offers for copper discounts owing to the approach of the delivery date. As the gap between current-month copper contracts and forward contracts expanded, speculative activity increased. However, consumption downstream kept cautious since copper prices hadn’t moved out of fluctuations.