SHANGHAI, Sept. 14(SMM) – On Monday, spot copper was offered between discounts of RMB 30/mt and premiums of RMB 20/mt in Shanghai. Standard-quality copper traded at RMB 40,900-41,120/mt, versus RMB 40,920-41,150/mt for high-quality copper.
SHFE copper fell back after meeting resistance on Monday. Traders hesitated to give their offers with the upcoming delivery date for SHFE 1509 copper. Spot supply decreased in market. Price gap between standard and high-quality almost disappeared, leaving limited profits for traders. Thus, those traders did not enter market. Downstream producers purchased for immediate consumption, leaving transactions quiet in market.