Trading Turns Muted in Spot Market after SHFE Copper Hits Over 3-Year High, SMM Says

Published: Aug 22, 2017 13:36

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SHFE copper jumped above 51,000 yuan/tonne to the highest level in three and a half years on Tuesday.

SHANGHAI, Aug. 22 (SMM) – SHFE copper jumped above 51,000 yuan/tonne to the highest level in three and a half years on Tuesday.

Industry Insiders Bullish over Base Metals in H2 2017

Cargo holders in Shanghai spot copper market raised spot discounts, but buyers were quite limited. High copper prices severely hit downstream buying appetite.

Standard-quality copper traded between 51,230-51,470 yuan/tonne, while high-quality copper traded between 51,250-51,500 yuan/tonne. Spot discounts were 100-150 yuan/tonne over SHFE 1709 copper.

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