Ample Supply Depresses Shanghai Spot Copper into Discounts of RMB 20-80/mt (Oct. 29, 2015)

SHANGHAI, Oct. 29 (SMM) – In Shanghai market, spot copper quoted at discounts of RMB 20-80/mt against SHFE 1511 copper on Thursday, versus RMB 38,980-39,080/mt for standard-quality copper and RMB 39,020-39,120/mt for high-quality copper.

Cargo holders attempted to hold prices firm but ample supply and cash shortage forced sellers to lower price offers. Mainstream spot discounts quoted at RMB 20-80/mt but standard-quality copper prices resisted declines. High-quality copper prices were depressed to discounts of RMB 40/mt due to unpopularity among buyers. Downstream buyers stayed out of market.