Shanghai Spot Copper Price Movement on Feb. 14

SMM Insight 01:13:21PM Feb 14, 2012 Source:SMM

SHANGHAI, Feb. 14 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 20/mt and premiums of positive RMB 80/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,350-59,420/mt, and RMB 59,400-59,500/mt for high-quality copper. As SHFE copper prices continued to come under pressure, and as the delivery date for SHFE 1202 copper contracts approaches, cargo-holders insisted on premiums. Despite a continuous drop in traded prices, downstream producers’ buying interest was depressed owing to copper premiums, leading to weakness in overall demand. Overall market supply also decreased, so market activity was extremely quiet.
 

Shanghai Spot Copper Price Movement on Feb. 14

SMM Insight 01:13:21PM Feb 14, 2012 Source:SMM

SHANGHAI, Feb. 14 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 20/mt and premiums of positive RMB 80/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,350-59,420/mt, and RMB 59,400-59,500/mt for high-quality copper. As SHFE copper prices continued to come under pressure, and as the delivery date for SHFE 1202 copper contracts approaches, cargo-holders insisted on premiums. Despite a continuous drop in traded prices, downstream producers’ buying interest was depressed owing to copper premiums, leading to weakness in overall demand. Overall market supply also decreased, so market activity was extremely quiet.