[Cu Price] Shanghai Spot Copper Sees Trades to Decline after a Rise (Aug. 11, 2015)

Published: Aug 11, 2015 13:30

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On Tuesday, spot copper traded at a discount of RMB 50-150/mt in Shanghai market.

SHANGHAI, Aug. 11 (SMM) – On Tuesday, spot copper traded at a discount of RMB 50-150/mt in Shanghai market. Mainstream prices were RMB 39,320-39,640/mt for standard-quality copper and RMB 39,380-39,680/mt for high-quality copper.

Some speculators sourced cheaper copper in market early morning. Sellers rushed to ship goods out after price rises in SHFE copper. This helped spot discounts to expand with spot discounts on high-quality copper above RMB 100/mt. Therefore, price gap between high-quality and standard-quality copper narrowed. Price as high as RMB 40,000/mt discouraged buyers. Traders hunted cheaper copper for term contracts. Thus, trades declined after a rally on Aug. 11.

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