Spot Copper Price Movement on Oct. 11

SHANGHAI, Oct. 11 (SMM) – Spot copper discounts were negative RMB 20-220/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 58,750-58,970/mt, and RMB 58,850-59,150/mt for high-quality copper. SHFE copper prices rose after initially falling, but spot copper cargo-holders offered prices very early in the morning and wanted to move goods at the lows. Spot copper discounts thus failed to narrow. Near the midday, as SHFE copper prices increased with forward copper contracts also rising, bearish sentiment weakened some and spot market activity also improved. Discounts for standard-quality copper widened above negative RMB 200/mt, while expansion in discounts for high-quality copper was limited. Buying increased as SHFE copper prices moved higher. Traders entered markets at the lows, and downstream producers still bought as needed. Market transactions increased after initially falling.