Peru Seen Reversing Falling Copper Production, Gains In 2012

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, a new monthly procurement cycle begins, and downstream restocking demand is released. Suppliers are expected to significantly raise their quotes accordingly. In terms of market performance, as copper prices remain at a relatively high level, after suppliers raise their quotes, downstream enterprises' willingness to chase higher prices remains limited. Some transactions are expected to occur after consecutive quote reductions, with coexisting willingness to hold prices firm and to cut prices for shipments. Overall, amid the tug-of-war between partial release of early-month procurement demand and high-price suppression, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow.

Hoy, los precios spot del cátodo de cobre #1 en el norte de China frente al contrato del mes próximo se situaron en un descuento promedio de 360 yuanes/t a un descuento de 280 yuanes/t, con un descuento promedio de 320 yuanes/t, un aumento de 10 yuanes/t respecto al día de negociación anterior. El precio promedio de transacción fue de 104.515 yuanes/t, una caída de 15 yuanes/t respecto al día de negociación anterior.