SHANGHAI, Aug. 25 (SMM) – On Tuesday, spot copper settled between discounts of RMB 50/mt and premiums of RMB 10/mt in Shanghai market. Standard-quality copper quoted RMB 39,020-39,140/mt, versus RMB 39,060-39,200/mt for high-quality copper.
SHFE copper extended Monday night’s rising momentum. Cargo holders turned more willing to sell, leaving spot supply abundant in market. Those traders tended to hold prices firm in the morning. But later, spot premiums disappeared and copper was throwed into discounts again. As such, trading activity was active between traders. But downstream buyers watched from the sidelines.