Spot Copper Price Movement on Jun. 15

SHANGHAI, Jun. 15 (SMM) – Spot copper was quoted between discounts of negative RMB 120-50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,350-55,400/mt, and RMB 55,380-55,450/mt for high-quality copper. SHFE copper prices rebounded noticeably by more than 1%, with the price spread between SHFE 1206 and 1207 copper contract remaining around RMB 300/mt during the last trading day for SHFE 1206 copper contract. Spot copper offers thus all turned into discounts, while market supply remained stable. Cargo-holders held divergent views, with some actively moving goods at the highs. Others, though, chose to hold back goods owing to large discounts. However, downstream producers still stood on the sidelines, awaiting directions in the coming week. Overall market activity was muted as a result.