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Spot Copper Trading in Shanghai Improves as Middlemen Turn Active

Release time:2014-11-26

Nov 26, 2014 05:38 GMT   Source:SMM

 

SHANGHAI, Nov. 26 (SMM) – Spot copper in Shanghai was quoted Wednesday at a RMB 70-150/mt premium to the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 47,650-47,750/mt and RMB 47,670-47,830/mt, respectively.

As SHFE copper extended losses, some hedged goods flowed into the market. Speculative traders went bargain-hunting on Wednesday, which led to a decline in low-priced goods and in turn drove spot premiums up. Standard-quality and hydro copper gained favor with buyers, allowing their prices to draw closer to the price of high-quality copper. Middlemen became more active, while downstream producers ramped up purchases at low prices.