SHANGHAI, Feb. 3 (SMM) – Spot copper was quoted at a RMB 20-120/mt premium to the SHFE 1502 copper contract in Shanghai on Tuesday. Standard- and high-quality copper sold for RMB 40,680-40,760/mt and RMB 40,700-40,830/mt, respectively.
Spot copper supply was sufficient, with the market dominated by imported copper. The price of standard-quality copper was almost on par with that of high-quality copper. Spot copper discounts expanded to RMB 70-120/mt at one point, luring some middlemen to go bargain-hunting, but later narrowed to RMB 20-70/mt. A small quantity of high-quality copper was offered at a RMB 10/mt discount by the midday.