SHANGHAI, Sept. 7 (SMM) – On Monday, spot copper traded between discounts of RMB 50/mt and premiums of RMB 10/mt in Shanghai market. Standard and high- quality copper quoted RMB 39,360-39,460/mt and RMB 39,380-39,480/mt, respectively.
SHFE copper bounced above the 5-day moving average. Cargo holders tried to quote at discounts of RMB 20/mt and premiums of RMB 20/mt early this morning on the first trading after China’s 3-day holiday. But traders and downstream buyers were unwilling to enter market. Also, market supply was abundant with most imports arriving. Therefore, spot premiums slid quickly.
Till the second half trading session, spot copper was offered at discounts of RMB 0-30/mt, versus discounts of RMB 30-50/mt for standard-quality copper. Early the week, market activity was limited. Cargo holders were likely to cut offers to excite trades.