Sudden Drop in SHFE Copper Triggers Bearishness in Shanghai Spot Market, SMM Says

Sep 7, 2017 13:22

Source:SMM

Market players in Shanghai spot copper market became bearish today after SHFE copper unexpectedly fell 100 yuan/tonne before noon.

SHANGHAI, Sept. 7 (SMM) – Market players in Shanghai spot copper market became bearish today after SHFE copper unexpectedly fell 100 yuan/tonne before noon.

Holders of hedged goods rushed to sell at lower prices, while downstream producers chose to watch from the sidelines.

Spot copper was offered at premiums of 20-70 yuan/tonne over SHFE 1709 copper. Standard-quality copper traded between 52,970-53,120 yuan/tonne, while high-quality copper traded between 53,000-53,150 yuan/tonne.

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Sudden Drop in SHFE Copper Triggers Bearishness in Shanghai Spot Market, SMM Says

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