Shanghai Spot Copper Price Movement on Feb. 20

SMM Insight 01:13:57PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 400-280/mt in Monday’s morning business. Traded prices for standard-quality copper were between RMB 58,900-59,100/mt, and RMB 58,950-59,150/mt for high-quality copper. SHFE copper prices moved lower after a high open, which depressed market optimism but propelled cargo-holders of spot copper to move goods aggressively. Spot copper supply remained sufficient as a consequence, and copper discounts expanded all the way. Some traders with enough capital chose to purchase appropriately given increasing copper discounts, but downstream producers continued to be wary of buying. Hence, overall transaction volumes were still limited in the spot market, resulting in market surpluses.
 

Shanghai Spot Copper Price Movement on Feb. 20

SMM Insight 01:13:57PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) –Shanghai spot copper offers were reported between discounts of negative RMB 400-280/mt in Monday’s morning business. Traded prices for standard-quality copper were between RMB 58,900-59,100/mt, and RMB 58,950-59,150/mt for high-quality copper. SHFE copper prices moved lower after a high open, which depressed market optimism but propelled cargo-holders of spot copper to move goods aggressively. Spot copper supply remained sufficient as a consequence, and copper discounts expanded all the way. Some traders with enough capital chose to purchase appropriately given increasing copper discounts, but downstream producers continued to be wary of buying. Hence, overall transaction volumes were still limited in the spot market, resulting in market surpluses.