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Shanghai Spot Copper Price Movement on Apr. 18
Apr 18,2012 13:08CST
smm insight
Source:SMM
Spot copper were quoted between discounts of RMB 0-120/mt in Shanghai in the morning business.

SHANGHAI, Apr. 18 (SMM) –Spot copper were quoted between discounts of RMB 0-120/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,950-57,350/mt, and RMB 57,000-57,400/mt for high-quality copper. As SHFE copper prices edged higher, spot copper premiums turned into discounts. Cargo-holders chose to cut sale volumes at lower price levels. Low-quality hydro-copper was rarely seen in markets, and standard-quality copper supply was also limited. Downstream producers slowed purchases as they held skeptical attitudes towards copper price rebounds. Near the midday, copper prices surged by nearly RMB 1,000/mt, incurring chaos in market quotations. A small number of cargo-holders who didn’t hedge against copper offered discounts of negative RMB 100/mt, enticing some speculators to enter the market. Wait-and-see sentiment was growing as consumption slowed further, and market activity stagnated at prices above RMB 57,200/mt.   

 

spot copper price movement

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