Shanghai Spot Copper Price Movement on Feb. 10

SMM Insight 01:12:22PM Feb 10, 2012 Source:SMM

SHANGHAI, Feb. 10 (SMM) –Shanghai spot copper discounts were reported between negative RMB 200-80/mt in the morning business. Traded prices for standard-quality copper were between RMB 60,520-60,700/mt, and RMB 60,600-60,820/mt for high-quality copper. As SHFE copper prices moved higher after a high open, spot copper prices hit a high of RMB 61,000/mt. Downstream producers generally stood on the sidelines, while speculative interest weakened owing to the continuously falling copper discounts. Copper smelters sold goods in small quantities due to optimism towards future copper prices and as the delivery date for SHFE current-month copper contracts neared. Consequently, trading volumes fell significantly compared with the prior day, and market transactions stagnated at nearly RMB 61,000/mt.
 

Shanghai Spot Copper Price Movement on Feb. 10

SMM Insight 01:12:22PM Feb 10, 2012 Source:SMM

SHANGHAI, Feb. 10 (SMM) –Shanghai spot copper discounts were reported between negative RMB 200-80/mt in the morning business. Traded prices for standard-quality copper were between RMB 60,520-60,700/mt, and RMB 60,600-60,820/mt for high-quality copper. As SHFE copper prices moved higher after a high open, spot copper prices hit a high of RMB 61,000/mt. Downstream producers generally stood on the sidelines, while speculative interest weakened owing to the continuously falling copper discounts. Copper smelters sold goods in small quantities due to optimism towards future copper prices and as the delivery date for SHFE current-month copper contracts neared. Consequently, trading volumes fell significantly compared with the prior day, and market transactions stagnated at nearly RMB 61,000/mt.