Shanghai Spot Copper Price Movement on May 16

SHANGHAI, May 16 (SMM) – Quotations for spot copper premiums were between positive RMB 80-150/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,900-56,000/mt, and RMB 55,940-56,100/mt for high-quality copper. SHFE copper prices hovered around RMB 56,000/mt in the morning. Traders in spot markets sold aggressively during the first trading day after SHFE 1205 copper contract was delivered, leading to active market activity. As SHFE copper prices fell to around RMB 55,800/mt after 10 am, spot copper premiums increased. Downstream producers stepped up purchases at prices below RMB 56,000/mt, helping improve overall market transactions in the morning.