Shanghai Spot Copper Price Movement on Feb. 17

SHANGHAI, Feb. 17 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 400-300/mt in Friday’s morning business. Traded prices for standard-quality copper were between RMB 59,150-59,350/mt, and RMB 59,200-59,400/mt for high-quality copper. SHFE copper prices rebounded but could not reverse market pessimism towards future copper prices, so cargo-holders continued to sell goods aggressively at high levels, causing copper discounts to expand all the way. Downstream producers, though, chose to stand on the sidelines owing to replenishment of stocks made earlier when copper prices were relatively low, and as they were skeptical about copper price rebounds. As a consequence, spot copper market transactions decreased significantly from the prior day.