SHANGHAI, Aug. 28 (SMM) – On Friday, spot copper traded at discounts of RMB 40-80/mt in Shanghai, versus RMB 39,260-39,500/mt for high-quality copper and RMB 38,280-39,540/mt fot high-quality copper.
Cash-hunger cargo holders rushed to sell late Aug. High-quality copper accounted for a growing portion in market. Some traders hunted for hydro-copper and standard-quality copper for term contracts. This helped to narrow price gap between high-quality and standard-quality copper. Few downstream buyers entered market with copper prices up a lot.