Shanghai Spot Copper Price Movement on Feb. 22

SMM Insight 01:15:47PM Feb 22, 2012 Source:SMM

SHANGHAI, Feb. 22 (SMM) –Spot copper discounts in Shanghai expanded to between negative RMB 500-400/mt in Wednesday’s morning business. Traded prices for standard-quality copper were between RMB 59,350-59,500/mt, and RMB 59,400-59,600/mt for high-quality copper. SHFE copper prices rebounded after a high open but came under pressure at below the daily moving average. Downstream producers stood on the sidelines at RMB 60,000/mt. Given continuously increasing copper discounts, domestic copper smelters held back goods, but some cargo-holders using copper as a financial vehicle opted to sell aggressively. Traders also stayed out of the market, awaiting opportunities when the price gap between SHFE near-term and forward copper contracts.
 

Shanghai Spot Copper Price Movement on Feb. 22

SMM Insight 01:15:47PM Feb 22, 2012 Source:SMM

SHANGHAI, Feb. 22 (SMM) –Spot copper discounts in Shanghai expanded to between negative RMB 500-400/mt in Wednesday’s morning business. Traded prices for standard-quality copper were between RMB 59,350-59,500/mt, and RMB 59,400-59,600/mt for high-quality copper. SHFE copper prices rebounded after a high open but came under pressure at below the daily moving average. Downstream producers stood on the sidelines at RMB 60,000/mt. Given continuously increasing copper discounts, domestic copper smelters held back goods, but some cargo-holders using copper as a financial vehicle opted to sell aggressively. Traders also stayed out of the market, awaiting opportunities when the price gap between SHFE near-term and forward copper contracts.