Spot Copper Price Movement on May 24

SHANGHAI, May 24 (SMM) – Spot copper premiums were quoted between positive RMB 250-330/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,750-55,870/mt, and RMB 55,800-55,930/mt for high-quality copper. SHFE copper prices retreated, and SHFE 1206 copper contract lost RMB 56,000/mt completely. Coupled with prevailing selling pressures for forward copper contracts, cargo-holders in spot markets became more pessimistic about future copper prices and therefore became more willing to move goods. Spot copper supply increased in consequence, leading spot copper premiums to slide. Downstream producers stood on the sidelines since they were also negative about future prices, as markets were dominated by sell-offs.