SHANGHAI, Aug. 17 (SMM) – Spot discounts in Shanghai copper market widened sharply to 90-140 yuan/tonne today after SHFE copper gained 2.5% to above 51,000 yuan/tonne.
Standard-quality copper traded between 51,020-51,100 yuan/tonne, while high-quality copper traded between 51,040-51,120 yuan/tonne.
Downstream producers turned away from higher prices, while traders entered the market to stockpile goods for delivery under term contracts.
Spot discounts are expected to widen further, which will lure speculators in.
For news cooperation, please contact us by email: email@example.com or firstname.lastname@example.org.