Spot Copper Price Movement on May 22

SHANGHAI, May 22 (SMM) – Spot copper premiums were quoted between positive RMB 200-260/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,650-56,750/mt, and RMB 56,700-56,830/mt for high-quality copper. SHFE copper prices met resistance to rebound, and selling pressures for forward copper contracts increased. Cargo-holders in spot copper markets became more willing to move goods, allowing copper supply to remain stable. But both downstream producers and traders stood on the sidelines, resulting in a drop in market transactions.