Shanghai Spot Copper Price Movement on Feb. 21

SHANGHAI, Feb. 21 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 420-300/mt in Tuesday’s morning business. Traded prices for standard-quality copper were between RMB 58,750-59,050/mt, and RMB 58,800-59,200/mt for high-quality copper. As SHFE copper prices fluctuated in a broad band, and as spot copper supply remained ample, spot copper discounts expanded further. Domestic copper smelters reduced copper sales owing to excessive copper discounts, while traders were wary of buying due to severe fluctuations in copper prices. Downstream producers had no intention of buying when copper prices surged abruptly in the session. Market transactions failed to improve as a result, leaving market surpluses more pronounced.