Shanghai Spot Copper Price Movement on Mar. 14

SHANGHAI, Mar. 14 (SMM) –Spot copper offers were quoted between discounts of negative RMB 40/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 60,100-60,200/mt, and RMB 60,150-60,300/mt for high-quality copper. As SHFE copper prices moved lower after a high open, some hedged copper was locked, leading to a drop in spot copper supply. The price gap between SHFE 1203 and 1204 copper contract remained at RMB 400/mt, so cargo-holders were unwilling to make more concessions in offering prices. Downstream producers stuck to the sidelines above RMB 60,000/mt, but increased purchases when copper prices slid. Overall market transactions were limited, though.