Shanghai Spot Copper Price Movement on Feb. 3

SMM Insight 01:15:39PM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) –Shanghai spot copper discounts were reported between negative RMB 320-180/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,700-58,900/mt, and RMB 58,780-59,050/mt for high-quality copper. As SHFE copper prices moved higher after a low open, buying activity for spot copper was brisk at low price levels in the morning business. Cargo-holders, though, had no intention of selling aggressively due to expectations about improvement in copper consumption next week and opted to narrow discounts. Both downstream producers and traders appeared more willing to buy, helping market activity become the most active after the opening of markets following the Chinese New Year holidays.   
 

Shanghai Spot Copper Price Movement on Feb. 3

SMM Insight 01:15:39PM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) –Shanghai spot copper discounts were reported between negative RMB 320-180/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,700-58,900/mt, and RMB 58,780-59,050/mt for high-quality copper. As SHFE copper prices moved higher after a low open, buying activity for spot copper was brisk at low price levels in the morning business. Cargo-holders, though, had no intention of selling aggressively due to expectations about improvement in copper consumption next week and opted to narrow discounts. Both downstream producers and traders appeared more willing to buy, helping market activity become the most active after the opening of markets following the Chinese New Year holidays.