Shanghai Spot Copper Price Movement on Mar. 27

SHANGHAI, Mar. 27 (SMM) –Discounts on spot copper were quoted between negative RMB 330-250/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 59,750-59,830/mt, and RMB 59,800-59,900/mt for high-quality copper. SHFE copper prices were pressured down following a high open, so spot copper discounts expanded. However, some hedged copper was still locked. Cargo-holders of standard-quality copper and low-quality hydro-copper refused to move goods at large discounts. This led to a significant drop in copper supply, and also narrowed their price spread with high-quality copper. Traders with adequate cash favored high-quality copper, while downstream producers hesitated to buy at the highs, bringing market activity into stalemate.