Shanghai Spot Copper Price Movement on Mar. 12

SHANGHAI, Mar. 12 (SMM) –Spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 20/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 59,650-59,750/mt, and RMB 59,700-59,850/mt for high-quality copper. SHFE copper prices lacked momentum to rebound, but cargo-holders in spot markets maintained premiums as the delivery date for SHFE current-month copper contract nears. Spot copper supply decreased. Traders continued to favor high-quality copper with low premiums, while downstream producers opted to stand on the sidelines. Market activity was light as a result.