Shanghai Spot Copper Price Movement on Feb. 7-Shanghai Metals Market

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Shanghai Spot Copper Price Movement on Feb. 7

SMM Insight 02:09:12PM Feb 07, 2012 Source:SMM

SHANGHAI, Feb. 7 (SMM) –Shanghai spot copper discounts were reported between negative RMB 350-150/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,250-59,400/mt, and RMB 59,300-59,650/mt for high-quality copper. SHFE copper prices slid all the way, but cargo-holders still chose to hold back goods due to prevailing losses in hedge trading. Downstream producers stuck to the sidelines since copper prices haven’t fully made corrections, while traders also stayed out of the market on account of falling copper discounts, bringing market activity into stalemate. 
 

Shanghai Spot Copper Price Movement on Feb. 7

SMM Insight 02:09:12PM Feb 07, 2012 Source:SMM

SHANGHAI, Feb. 7 (SMM) –Shanghai spot copper discounts were reported between negative RMB 350-150/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,250-59,400/mt, and RMB 59,300-59,650/mt for high-quality copper. SHFE copper prices slid all the way, but cargo-holders still chose to hold back goods due to prevailing losses in hedge trading. Downstream producers stuck to the sidelines since copper prices haven’t fully made corrections, while traders also stayed out of the market on account of falling copper discounts, bringing market activity into stalemate.