Spot Copper Price Movement on Jun. 18

SHANGHAI, Jun. 18 (SMM) – Spot copper was quoted between discounts of negative RMB 150-250/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,650-55,750/mt, and RMB 55,680-55,850/mt for high-quality copper. SHFE copper prices rebounded, and spot copper offers turned into premiums after SHFE 1206 copper contract was delivered. Cargo-holders in spot markets quoted prices a little late and held prices firm at the lows. They especially offered high premiums to move goods near the midday. However, some traders increased purchase volumes voluntarily owing to optimism towards future copper prices, contributing the most to market transactions. Downstream producers, though, kept on the sidelines since they were skeptical over continuous copper price rebounds.