Home / Metal News / Precious Metals / Shanghai Spot Copper Price Movement on Oct. 10
Shanghai Spot Copper Price Movement on Oct. 10
Oct 10,2011 14:17CST
smm insight
Source:SMM
Shanghai spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 100/mt today.

SHANGHAI, Oct. 10 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 100/mt today. Traded prices for standard-quality copper were between RMB 54,800-55,350/mt, and RMB 54,900-55,500/mt for high-quality copper. SHFE copper prices moved lower after a high open, with near-month copper contract prices higher than forward-month copper contract prices. Spot copper offers were reported at discounts in the morning business, attracting speculators to make purchases before the delivery date, which resulted in brisk transactions in the morning session. As SHFE copper prices fell rapidly, high-quality copper turned into premiums of positive RMB 50-100/mt, with price offers held firm at RMB 55,000/mt, which failed to attract speculators. Furthermore, cargo-holders were reluctant to sell at the lows, which helped transactions become muted. Downstream producers mostly took a wait-and-see stance on the first trading day after China's National Day holiday.    
 

Shanghai spot copper price movement

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

MOST POPULAR
data analysis
data analysis
data analysis
data analysis
data analysis