SHANGHAI, Aug. 5 (SMM) – In Shanghai market, spot copper discounts decreased to RMB 10-80/mt against SHFE 1508 copper on Wednesday. Standard-quality copper quoted RMB 38,400-38,480/mt and RMB 38,440-38,520/mt for high-quality copper.
SHFE copper lost rebounding momentum. Cargo holders were active to sell at highs with spot copper offered at discounts. Guixi copper prices were on par with SHFE 1508 copper on account of high popularity. Cheaper hydro-copper widened price gap between hydro-copper and standard-quality copper. Traders’ buying activities grew whereas downstream producers still watched from the sidelines.