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Shanghai Spot Copper Price Movement on Sept. 23
Sep 23,2011 13:38CST
smm insight
Source:SMM
Shanghai spot copper offers were quoted between premiums of positive RMB 250-350/mt today.

SHANGHAI, Sept. 23 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 250-350/mt today. Traded prices for standard-quality copper were between RMB 57,700-57,950/mt, and RMB 57,750-58,000/mt for high-quality copper. As the international financial market plummeted, copper markets both at home and abroad tumbled, with SHFE copper prices touching the daily limit-down in the morning business, which provided profit opportunities for copper importers. Hedge traders reported profit-taking and were eager to move goods, helping copper premiums fall rapidly between positive RMB 250-300/mt from positive RMB 500/mt in the morning session. Since copper markets slumped rapidly, there were fewer speculators making purchases. However, some downstream producers made purchases at the lows due to stockpiling needs before the Chinese National Day holiday, while most of them chose to stay out of the market until a stable price trend was visible.
 

Shanghai spot copper price movement

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