Spot Copper Price Movement on Jun. 6

SHANGHAI, Jun. 6 (SMM) – Spot copper premiums were quoted between positive RMB 250-300/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,700-54,820/mt, and RMB 54,730-54,850/mt for high-quality copper. SHFE copper prices stopped falling and began stabilizing, enticing downstream producers in spot markets to step up purchase volumes at lower price levels. Cargo-holders moved goods aggressively for cash, leading to sufficient market supply. The proportion of imported copper to spot copper supply was increasing, while the price gap between standard-quality imported and domestic copper widened. Traders opted opportunities to enter markets, helping boost market activity in the morning. However, as SHFE copper met resistance to rebound further near the midday, transaction volumes in spot markets fell.