Shanghai Spot Copper Price Movement on Mar. 16

SHANGHAI, Mar. 16 (SMM) –Spot copper offers were quoted between premiums of positive RMB 350-260/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 59,930-60,080/mt, and RMB 59,970-60,170/mt for high-quality copper. SHFE 1204 copper contract prices surged by RMB 400/mt. Spot copper discounts expanded after SHFE 1203 copper contract was delivered, while spot copper supply remained sufficient. Traders bought high-quality copper given large discounts, while downstream producers stood on the sidelines above RMB 60,000/mt.