Spot Copper Price Movement on Jun. 1

SHANGHAI, Jun. 1 (SMM) – Spot copper premiums were quoted between positive RMB 180-270/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,400-55,480/mt, and RMB 55,450-55,550/mt for high-quality copper. SHFE copper prices met resistance to rebound as China’s PMI was reported to fall further in May according to the China Federation of Logistics & Purchasing. Spot copper premiums, though, held stable. Cargo-holders held divergent views before the weekends. Those who want to shun risks chose to move aggressively for cash, while copper smelters held back goods. Traders exhibited little interest in buying, but some downstream producers with improved cash flows bought as needed, leading to modest market transactions.