Shanghai Spot Copper Price Movement on Jan. 17

SMM Insight 01:09:58PM Jan 17, 2012 Source:SMM

SHANGHAI, Jan. 17 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 580-400/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,950-58,200/mt, and RMB 58,000-58,400/mt for high-quality copper. As SHFE copper prices surged by more than RMB 1,000/mt, spot copper discounts rose sharply. However, cargo-holders of low-quality copper refused to offer large discounts, causing the supply of low-quality copper to decrease. Nevertheless, overall copper supply on the spot market remained sufficient. Some speculators took an opportunity to enter the market, but overall trading sentiment was still low.  
 

Shanghai Spot Copper Price Movement on Jan. 17

SMM Insight 01:09:58PM Jan 17, 2012 Source:SMM

SHANGHAI, Jan. 17 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 580-400/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,950-58,200/mt, and RMB 58,000-58,400/mt for high-quality copper. As SHFE copper prices surged by more than RMB 1,000/mt, spot copper discounts rose sharply. However, cargo-holders of low-quality copper refused to offer large discounts, causing the supply of low-quality copper to decrease. Nevertheless, overall copper supply on the spot market remained sufficient. Some speculators took an opportunity to enter the market, but overall trading sentiment was still low.