SHANGHAI, Sept. 8 (SMM) – In Shanghai market, spot copper settled at discounts of RMB 20-100/mt against SHFE front-month contract on Tuesday. Mainstream traded prices were RMB 39,460-39,560/mt for standard-quality copper, versus RMB 39,480- 39,600/mt for high-quality copper.
SHFE copper failed to rally with resistance emerging. Cargo holders were active in selling and thus cut their offers, widening spot discounts. High-quality copper prices dropped quickly, leaving no price gap between it and standard-quality copper. Speculative traders did not enter market on the back of narrowing price gap between SHFE 1509 and 1510 copper. On the other hand, downstream buyers watched from the sidelines. Transactions were below Monday and oversupply pressures grew further.