SHANGHAI, Aug. 14 (SMM) – Spot copper discount fell to RMB 60-120/mt on Friday in Shanghai market. Price gap between SHFE copper futures narrowed a lot and as such cargo holders held their offers at high, driving spot discounts down.
Speculators hunted for cheap copper for delivery. However, near noon, cheap copper was hard to source. Downstream buyers still purchased as need before weekend. Thus, trades picked up considerably on Aug. 14.
Traded price were RMB 39,420-39,520/mt for standard-quality copper, versus RMB 39,450-39,580/mt for high-quality copper.