Shanghai Spot Copper Price Movement on Mar. 9

SHANGHAI, Mar. 9 (SMM) –Spot copper offers were quoted between discounts of negative RMB 80-0/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 59,250-59,400/mt, and RMB 59,300-59,500/mt for high-quality copper. SHFE copper prices moved higher after a high open as China’s CPI growth data for February was reported to fall to 3.2% as markets expected. Cargo-holders, though, refused to offer big discounts as the delivery date for SHFE 1203 copper contract approaches. Downstream producers chose to stay away from markets amid rebounding copper prices, so consumption failed to improve. High-quality copper was not seen to trade at premiums, and market activity stagnated.