SHANGHAI, Sept. 23 (SMM) – In Shanghai market, spot copper traded between discounts of RMB 10/mt and premiums of RMB 60/mt on Wednesday. Mainstream prices were RMB 38,720-38,840/mt for standard-quality copper and RMB 38,750-38,880/mt for high-quality copper.
SHFE copper slumped almost RMB 1,500/mt on Wednesday and thus spot copper inverted to premiums. But later, released data fell short of forecast, depressing market sentiment. Cargo holders rushed to sell late the month, narrowing spot premiums. Traders bought copper at lows while downstream producers purchased as needed. With bearish sentiment, investors stayed wary.