Shanghai Spot Copper Price Movement on Dec. 1-Shanghai Metals Market

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Shanghai Spot Copper Price Movement on Dec. 1

SMM Insight 01:15:00PM Dec 01, 2011 Source:SMM

SHANGHAI, Dec. 1 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 150/mt today. Traded prices for standard-quality copper were between RMB 58,250-58,400/mt, and RMB 58,400-58,550/mt for high-quality copper. As SHFE copper prices surged by 5.5%, spot copper premiums fell significantly and imported standard-quality copper was traded at discounts. Downstream producers couldn’t predict directions of future copper prices due to their excessive increases, opting to stand on the sidelines, while some speculators entered the market owing to a lure of low copper premiums. High-quality copper was especially welcomed, but transactions for low-quality copper were poor. 
 

Shanghai Spot Copper Price Movement on Dec. 1

SMM Insight 01:15:00PM Dec 01, 2011 Source:SMM

SHANGHAI, Dec. 1 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 50/mt and premiums of positive RMB 150/mt today. Traded prices for standard-quality copper were between RMB 58,250-58,400/mt, and RMB 58,400-58,550/mt for high-quality copper. As SHFE copper prices surged by 5.5%, spot copper premiums fell significantly and imported standard-quality copper was traded at discounts. Downstream producers couldn’t predict directions of future copper prices due to their excessive increases, opting to stand on the sidelines, while some speculators entered the market owing to a lure of low copper premiums. High-quality copper was especially welcomed, but transactions for low-quality copper were poor.