Shanghai Spot Copper Price Movement on Feb. 13

SMM Insight 01:08:00PM Feb 13, 2012 Source:SMM

SHANGHAI, Feb. 13 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 70/mt and premiums of positive RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,650-59,800/mt, and RMB 59,700-59,850/mt for high-quality copper. As SHFE copper prices fell by 1.5%, and as the delivery date for SHFE 1202 copper contract nears, high-quality copper was traded at slight premiums. As spot copper prices declined blow RMB 60,000/mt, and as the price gap between SHFE 1202 and 1203 copper contracts remained around RMB 500/mt, downstream producers opted to enter the market, resulting in significant improvement in market transactions from last Friday’s stalemate. Cargo-holders of domestic standard-quality copper still held back goods owing to discounts, but buying increased obviously at the lows.


 

Shanghai Spot Copper Price Movement on Feb. 13

SMM Insight 01:08:00PM Feb 13, 2012 Source:SMM

SHANGHAI, Feb. 13 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 70/mt and premiums of positive RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,650-59,800/mt, and RMB 59,700-59,850/mt for high-quality copper. As SHFE copper prices fell by 1.5%, and as the delivery date for SHFE 1202 copper contract nears, high-quality copper was traded at slight premiums. As spot copper prices declined blow RMB 60,000/mt, and as the price gap between SHFE 1202 and 1203 copper contracts remained around RMB 500/mt, downstream producers opted to enter the market, resulting in significant improvement in market transactions from last Friday’s stalemate. Cargo-holders of domestic standard-quality copper still held back goods owing to discounts, but buying increased obviously at the lows.