Spot Copper Price Movement on May 23

SHANGHAI, May 23 (SMM) – Spot copper premiums were quoted between positive RMB 250-320/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,000-56,120/mt, and RMB 56,050-56,150/mt for high-quality copper. SHFE copper prices opened significantly down, but cargo-holders in spot markets insisted on moving goods at prices above RMB 56,000/mt. Spot copper premiums rose to above positive RMB 300/mt. Some traders were optimistic about future premiums and thus exhibited unwillingness in selling. Cargo-holders of hedged copper, however, became more willing to move goods. Spot copper supply remained stable. Downstream producers were hesitant to buy at around RMB 56,000/mt, leaving market activity quiescent.