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Shanghai Spot Copper Price Movement on Oct. 12
Oct 12,2011 13:20CST
smm insight
Source:SMM
Shanghai spot copper offers were quoted between discounts of negative RMB 80/mt and premiums of positive RMB 50/mt today.

SHANGHAI, Oct. 12 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 80/mt and premiums of positive RMB 50/mt today. Traded prices for standard-quality copper were between RMB 54,300-54,800/mt, and RMB 54,400-55,000/mt for high-quality copper. Although SHFE copper prices rallied slightly, spot copper premiums expanded to positive RMB 100-150/mt in the morning business. Market transactions were made between RMB 53,800 -54,350/mt, but both traders and downstream producers made limited purchases. SHFE copper prices moved higher after 10:30 am, with a price difference reaching RMB 1,500/mt, but premiums were little changed, since the SHFE/LME copper price ratio fell recently. Traded prices climbed rapidly to RMB 55,000/mt, and some speculators made purchases at discounts, while downstream producers had no interest in keeping up with rising copper prices, resulting in declines in market transactions. Overall copper supply was ample, and suppliers were still active in moving goods for cash generation.  
 

Shanghai spot copper price movement

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