SHANGHAI, Sept. 9 (SMM) – Spot copper settled RMB 20-80/mt below SHFE 1509 copper in Shanghai on Wednesday. Traded prices were RMB 40,720-41,360/mt for standard-quality copper and RMB 40,760-41,400/mt for high-quality copper.
SHFE copper entered the upside track on Wednesday. Cargo holders were more willing to hold prices firm as SHFE 1510 copper prices improved over 1509 copper. Traders sold copper futures to buy spot copper at discounts for term contracts as they believed that spot discounts will gradually narrow and even invert to premiums in future. Trading activities improved marginally and trades were contributed mainly by traders with downstream buyers watching from the sidelines.