Shanghai Spot Copper Price Movement on Dec. 2-Shanghai Metals Market

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Shanghai Spot Copper Price Movement on Dec. 2

SMM Insight 01:11:54PM Dec 02, 2011 Source:SMM

SHANGHAI, Dec. 2 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 120-300/mt today. Traded prices for standard-quality copper were between RMB 58,200-58,350/mt, and RMB 58,250-58,500/mt for high-quality copper. SHFE copper prices fluctuated after a low open, and spot copper supply increased due to a rise in hedged copper on the previous day and since traders made purchases at low copper discounts that day. However, as copper prices were nearly unchanged from the previous day levels, downstream producers generally chose to stand on the sidelines due to uncertainties and instabilities in future copper prices, and traders also reduced purchases to avoid incurring losses before the weekend, restricting overall market transactions.  
 

Shanghai Spot Copper Price Movement on Dec. 2

SMM Insight 01:11:54PM Dec 02, 2011 Source:SMM

SHANGHAI, Dec. 2 (SMM) –Shanghai spot copper offers were quoted between premiums of positive RMB 120-300/mt today. Traded prices for standard-quality copper were between RMB 58,200-58,350/mt, and RMB 58,250-58,500/mt for high-quality copper. SHFE copper prices fluctuated after a low open, and spot copper supply increased due to a rise in hedged copper on the previous day and since traders made purchases at low copper discounts that day. However, as copper prices were nearly unchanged from the previous day levels, downstream producers generally chose to stand on the sidelines due to uncertainties and instabilities in future copper prices, and traders also reduced purchases to avoid incurring losses before the weekend, restricting overall market transactions.