Shanghai Spot Copper Price Movement on May 17

SHANGHAI, May 17 (SMM) – Quotations for spot copper premiums were between positive RMB 180-250/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,700-55,900/mt, and RMB 55,750-55,970/mt for high-quality copper. SHFE copper prices rallied from the previous lows. Cargo-holders in spot markets became unwilling to move goods at the lows, helping spot copper premiums rise sharply. Downstream producers bought aggressively at prices below RMB 56,000/mt, but chose to stand on the sidelines after copper prices climbed rapidly near the midday. In this context, spot copper premiums inched down, and market transactions were also restricted.