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 3-month copper continued falling after closing of the SHFE market on September 13, down 1.22% as of 4:31 pm.

Downstream buyers purchased goods actively in Shanghai market today as market players remain bullish toward copper, SMM reports.

SHFE copper fell below 50,000 yuan per tonne today, attracting bargin hunters to enter the market.

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.

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.

Base metals slumped across the board January 17. SHFE copper closed 2.34% lower due to 890 million yuan selloffs. SMM’s most recent survey of many domestic futures companies finds most analysts see co