SHANGHAI, Feb. 13 (SMM) – Spot copper quoted at discounts of RMB 180-300/mt to SHFE 1503 copper contract in Shanghai Friday morning. Traded prices were RMB 41,600-41,700/mt for standard-quality copper and RMB 41,630-41,770/mt for high-quality copper.
Sellers thirst for cash moved goods aggressively, and hydro-copper was offered at a discount of RMB 400/mt at one point. The large discount lured some financially-strong traders into buying. Later, SHFE copper increased, and buyers exited market to avoid risk. Trading activities increased from yesterday, and dealers were major contributors.