Spot copper in Shanghai was quoted Tuesday at a RMB 100-180/mt discount to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 44,120-44,300/mt and RMB 44,150-44,350/mt, respectively. The SHFE/LME copper price ratio fell sharply on Tuesday, leading to a decline in the proportion of imported copper supply in the market. Spot discounts narrowed slightly by the midday as copper prices slid by nearly RMB 200/mt. Middlemen were not active, while downstream producers cut purchases on Tuesday, leaving trading worse than Monday.
Zhejiang Yaang Pipe Industry Co., Limited