Shanghai Spot Copper Price Movement on May 14

SHANGHAI, May 14 (SMM) – Offers for spot copper premiums were between positive RMB 10-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 57,050-57,150/mt, and RMB 57,120-57,250/mt for high-quality copper. As SHFE copper prices trended lower after a high open, and as the delivery date for SHFE 1205 copper contract nears, cargo-holders insisted on premium quotes, despite sluggish market transactions. Copper prices fell by more than RMB 500/mt after 10 am, so hedged copper came into markets in large quantities, causing spot copper premiums to slide. Bearish sentiment was growing in markets.