Shanghai Spot Copper Price on October 31

Copper prices opened lower last week. In contrast, the traded prices of copper scrap were high due to tight supply and stockpiling by processing companies after the Mid-Autumn Festival holidays.

SMM is the first non-ferrous metal pricing platform in China that has passed the independent audit of the International Organization of Securities Commissions (IOSCO) financial index standard in 2020. This is also the first year that the China leading pricing provider has achieved the ISOCO standards.

Spot premiums on copper slumped on October 12 due to selloffs, SMM reported.

LME copper will fluctuate between USD 6,425-6,470/mt on Friday, and SHFE 1709 copper will drop further to RMB 49,800-50,300/mt.

LME approved the listing of JNMCc Grade A copper brand, produced by Guangxi Jinchuan Non-Ferrous Metals on September 19. 

SHFE 1709 copper opened at RMB 46,890/mt today and then hovered around RMB 46,821/mt.

Copper prices will have no reason to stay below $5,500 per tonne in the fundamental respect, said Radoslaw Domagalski-Labedzki, Chief Executive Officer (CEO) of KGHM.

Major brass and copper scrap prices in India showed a down trend during Monday, while copper futures prices at India's Multi Commodity Exchange settled 2.09 percent higher.

LME copper will trade at USD 5,750-5,850/mt on Thursday and SHFE 1705 copper will move at RMB 46,750-47,250/mt.

Labor Union of Escondida copper mine refused renegotiation. SHFE 1705 copper opened at RMB 47,610/mt today, and then rose to RMB 47,740/mt. with exodus of longs after profit-taking, SHFE 1705 copper