Shanghai Spot Copper Price Movement on Feb. 29-Shanghai Metals Market

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Shanghai Spot Copper Price Movement on Feb. 29

SMM Insight 01:15:54PM Feb 29, 2012 Source:SMM

SHANGHAI, Feb. 29 (SMM) –Discounts on spot copper were reported between negative RMB 420-320/mt in Shanghai in Wednesday's morning business. Traded prices for standard-quality copper were between RMB 59,800-59,950/mt, and RMB 59,850-60,000/mt for high-quality copper. SHFE copper prices moved higher after a high open. Traded prices fell after initially rising due to the last trading day of the month, and market transactions were modest at prices below RMB 60,000/mt. High-quality copper was favored by market buyers, while hydro-copper supply decreased significantly owing to excessive discounts. At the tail of trading in the morning business, SHFE copper prices surged, but spot copper supply fell, keeping spot copper discounts unchanged. As a large number of market players were optimistic over future copper prices, cargo-holders were awaiting a drop in copper discounts to move goods. Market transactions were restricted at above RMB 60,000/mt.  

 

Price

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SMM #1 Nickel
Apr.18
101600.0
-1150.0
(-1.12%)
#1 JinChuan Nickel
Apr.18
102225.0
-1000.0
(-0.97%)
#1 Import Nickel
Apr.18
100975.0
-1350.0
(-1.32%)
JinChuan B&C
Apr.18
2200.0
300.0
(15.79%)
Russian nickel premium
Apr.18
950.0
-50.0
(-5.00%)

Shanghai Spot Copper Price Movement on Feb. 29

SMM Insight 01:15:54PM Feb 29, 2012 Source:SMM

SHANGHAI, Feb. 29 (SMM) –Discounts on spot copper were reported between negative RMB 420-320/mt in Shanghai in Wednesday's morning business. Traded prices for standard-quality copper were between RMB 59,800-59,950/mt, and RMB 59,850-60,000/mt for high-quality copper. SHFE copper prices moved higher after a high open. Traded prices fell after initially rising due to the last trading day of the month, and market transactions were modest at prices below RMB 60,000/mt. High-quality copper was favored by market buyers, while hydro-copper supply decreased significantly owing to excessive discounts. At the tail of trading in the morning business, SHFE copper prices surged, but spot copper supply fell, keeping spot copper discounts unchanged. As a large number of market players were optimistic over future copper prices, cargo-holders were awaiting a drop in copper discounts to move goods. Market transactions were restricted at above RMB 60,000/mt.