SHANGHAI, Aug. 24(SMM) – On Monday, spot copper traded between discounts of RMB 50/mt and premiums of RMB 40/mt in Shanghai. Mainstream prices were RMB 38,180-39,180/mt for standard-quality copper and RMB 39,150-38,580/mt for high-quality copper.
Asian and Pacific stocks dropped across the board. SHFE copper prices lost for near RMB 1,000/mt. A large amount of copper imports flowed into market. Some cargo holders cut their price offers to excite trades. Price gap between different brand copper widened above RMB 50/mt with sufficient supply in market. Speculators still bought spot copper and sold copper futures while wait-and-see sentiment loomed downstream market. Bearishness grew in the whole market.