Shanghai Spot Copper Price Movement on Feb. 28

SHANGHAI, Feb. 28 (SMM) –Spot copper discounts in Shanghai were still quoted between negative RMB 450-350/mt in Tuesday’s morning business. Traded prices for standard-quality copper were between RMB 59,550-59,650/mt, and RMB 59,600-59,750/mt for high-quality copper. SHFE copper prices rose above RMB 60,000/mt. Downstream producers stood on the sidelines at the RMB 60,000/mt mark, while some traders without cash flow pressures chose to buy high-quality copper. As a result, the supply of high-quality copper decreased, allowing discounts to fall slightly. Market activity was light since cash flows were tight owing to the end of the month.