Shanghai Spot Copper Price Movement on Mar. 22

SHANGHAI, Mar. 22 (SMM) –Discounts on spot copper were quoted between negative RMB 280-180/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 59,150-59,400/mt, and RMB 59,200-59,600/mt for high-quality copper. As SHFE copper prices fluctuated, spot copper discounts stagnated and market activity was light. However, after the HSBC Flash China Manufacturing Purchasing Managers' Index (PMI) was reported to fall sharply in March, SHFE copper prices slid by nearly RMB 500/mt. Spot copper discounts thus narrowed noticeably. Cargo-holders who hedged against prices were moving goods aggressively, while others chose to withhold goods. Downstream producers significantly increased buying at the lows, helping market transactions rise after initially falling.