SHANGHAI, Aug. 17 (SMM) – In Shanghai market, spot copper quoted RMB 0-60/mt higher than SHFE 1508 copper on Monday. Traded prices were RMB 39,170-39,230/mt for standard-quality copper and RMB 39,200 -39,270/mt for high-quality copper.
Falling SHFE copper prices further sent SHFE/LME copper price ratio down. Price gap between SHFE 1508 and 1509 copper grew and thus most cargo holders gave their offers for SHFE 1509 copper. On the last trading day for SHFE 1508 copper, traders hunted for cheap goods. Wait-and-see posture loomed downstream market, leaving trades softening.