SHANGHAI, Sept. 5 (SMM) – Supply of imported copper was limited in Shanghai spot market due to lower SHFE/LME copper price ratio, which fell to around 7.7 today.
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SHFE copper held firm at above 53,000 yuan/tonne mark, encouraging suppliers in Shanghai spot market to raise offers. Standard-quality copper traded between 53,230-53,330 yuan/tonne, while high-quality copper traded between 53,250-53,350 yuan/tonne. Spot offers were at premiums of 0-50 yuan/tonne over SHFE 1709 copper.
Some speculators entered the market to stockpile goods.
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