SHANGHAI, Sept. 21 (SMM) – In Shanghai, spot copper traded between discounts of RMB 10/mt and premiums of RMB 60/mt on Monday, versus RMB 40,020-40,200/mt for standard-quality copper and RMB 40,050-40,250/mt for high-quality copper.
SHFE copper fluctuated at lows. Cargo holders tries to step up spot premiums early this day but market supply increased with hedged goods entering market. Traders and downstream producers were still bearish and stayed out of market. Then offers for hydro-copper dropped quickly. During the second trading session, standard-quality copper was offered at premiums of 0-20/mt, versus premiums of RMB 30-50/mt for high-quality copper. Traders and downstream buyers were willing to purchase with prices below RMB 40,000/mt. Oversupply gradually widened spot discounts.