SHANGHAI, Aug. 12 (SMM) – In Shanghai market, traded prices were RMB 39,040-39,160/mt for standard-quality copper and RMB 39,060-39,240/mt for high-quality copper on Wednesday. Spot copper discounts widened to RMB 180-80/mt against SHFE 1508 copper.
LME copper slumped to a record low of USD 5,063/mt while SHFE copper resisted declines, expanding SHFE/LME copper price ratio above 7.7. Imported copper sold well in market and spot supply stayed abundant in the morning with spot discounts increasing further. In the afternoon, some traders hunted cheaper spot copper and sold copper futures to book profits and for term contracts. At the same time, downstream producers still bought for immediate consumption.