Shanghai Spot Copper Price Movement on May 15

SHANGHAI, May 15 (SMM) – Quotations for spot copper premiums were between positive RMB 60-120/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,100-56,220/mt, and RMB 56,150-56,300/mt for high-quality copper. SHFE copper prices sank by nearly 2%, and there was almost no price gap between SHFE 1205 and1206 copper contract, inasmuch as Tuesday was the last trading day for SHFE 1205 copper contract. Hedged copper cargo-holders sold aggressively and led to an increase in spot copper supply. However, spot copper premium quotes remained firm. Downstream producers opted to enter the market following significant drops in copper prices, allowing market transactions to improve.