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Home / Metal News / Sudden Drop in SHFE Copper Triggers Bearishness in Shanghai Spot Market, SMM Says
Sudden Drop in SHFE Copper Triggers Bearishness in Shanghai Spot Market, SMM Says
Sep 7, 2017 13:22Source: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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