SHANGHAI, Nov. 18 (SMM) – On Wednesday, spot copper was offered between discounts of RMB 60/mt and premiums of RMB 20/mt over SHFE 1512 copper in Shanghai, versus RMB 34,650-34,790/mt for standard-quality copper and RMB 34,690 -34,850/mt for high-quality copper.
In the morning, some large traders sourced goods in market but other traders and downstream buyers waited for further price falls with persistently falling SHFE copper. Overall demand stayed weak. In the afternoon, high-quality copper prices returned to pars. Some downstream buyers gradually started purchase after SHFE copper touched yesterday’s low level. As a result, transactions were contributed mainly by downstream large buyers.