SHANGHAI, Sept. 22 (SMM) – On Tuesday, spot copper was offered between discounts of RMB 70/mt and premiums of RMB 10/mt in Shanghai. Mainstream prices were RMB 40,090-40,170/mt for standard-quality copper, versus RMB 40,120-40,230/mt for high-quality copper.
SHFE copper fell back after meeting resistance on Tuesday. Cargo holders rush to sell, driving up spot supply. This left wide room open for price negotiation. SHFE 1510 and 1511 price gap stayed above RMB 20/mt. Thus, traders went for bargain hunting. Downstream producers entered market following a fall in SHFE copper prices. Transactions gradually picked up.