Spot Copper Price Movement on May 28

SHANGHAI, May 28 (SMM) – Spot copper premiums were quoted between positive RMB 120-200/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,520-56,700/mt, and RMB 56,550-56,750/mt for high-quality copper. SHFE copper prices trended higher after a high open, with a gain of over 1.5%, so cargo-holders in spot markets became more willing to move goods as March ends. Spot copper premium fell as a consequence. Downstream producers chose a wait-and-see stance during the first trading day of the week, still skeptical about a continuous copper price rebound, and also restricted by cash flow problems. Market activity was thus lackluster.