Shanghai Spot Copper Price Movement on Apr. 9

SMM Insight 01:19:56PM Apr 09, 2012 Source:SMM

SHANGHAI, Apr. 9 (SMM) –Quotations for spot copper discounts were between negative RMB 50-0/mt in Shanghai in the morning business on Monday. Traded prices for standard-quality copper were between RMB 59,380-59,550/mt, and RMB 59,420-59,600/mt for high-quality copper. The NBS announced China's CPI rose in March from the previous month, leading SHFE copper prices to fall rapidly. Hence, market activity was active at lower copper price levels in spot copper markets. Nevertheless, as copper prices rallied from the lows, copper consumption was restricted again. Due to a lack of guidance from LME copper prices, cargo-holders opted to move goods in limited quantities, helping copper discounts narrow further. High-quality copper traded around discounts of negative RMB 0/mt, which caused its price gap with standard-quality copper to become relatively small. Most downstream producers generally took a wait-and-see stance during the first trading day of this week, keeping overall market transactions limited.
 

Shanghai Spot Copper Price Movement on Apr. 9

SMM Insight 01:19:56PM Apr 09, 2012 Source:SMM

SHANGHAI, Apr. 9 (SMM) –Quotations for spot copper discounts were between negative RMB 50-0/mt in Shanghai in the morning business on Monday. Traded prices for standard-quality copper were between RMB 59,380-59,550/mt, and RMB 59,420-59,600/mt for high-quality copper. The NBS announced China's CPI rose in March from the previous month, leading SHFE copper prices to fall rapidly. Hence, market activity was active at lower copper price levels in spot copper markets. Nevertheless, as copper prices rallied from the lows, copper consumption was restricted again. Due to a lack of guidance from LME copper prices, cargo-holders opted to move goods in limited quantities, helping copper discounts narrow further. High-quality copper traded around discounts of negative RMB 0/mt, which caused its price gap with standard-quality copper to become relatively small. Most downstream producers generally took a wait-and-see stance during the first trading day of this week, keeping overall market transactions limited.