Shanghai Spot Copper Price Movement on Feb. 28

SMM Insight 01:12:08PM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) –Spot copper discounts in Shanghai were still quoted between negative RMB 450-350/mt in Tuesday’s morning business. Traded prices for standard-quality copper were between RMB 59,550-59,650/mt, and RMB 59,600-59,750/mt for high-quality copper. SHFE copper prices rose above RMB 60,000/mt. Downstream producers stood on the sidelines at the RMB 60,000/mt mark, while some traders without cash flow pressures chose to buy high-quality copper. As a result, the supply of high-quality copper decreased, allowing discounts to fall slightly. Market activity was light since cash flows were tight owing to the end of the month.
 

Shanghai Spot Copper Price Movement on Feb. 28

SMM Insight 01:12:08PM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) –Spot copper discounts in Shanghai were still quoted between negative RMB 450-350/mt in Tuesday’s morning business. Traded prices for standard-quality copper were between RMB 59,550-59,650/mt, and RMB 59,600-59,750/mt for high-quality copper. SHFE copper prices rose above RMB 60,000/mt. Downstream producers stood on the sidelines at the RMB 60,000/mt mark, while some traders without cash flow pressures chose to buy high-quality copper. As a result, the supply of high-quality copper decreased, allowing discounts to fall slightly. Market activity was light since cash flows were tight owing to the end of the month.