Shanghai Spot Copper Price Movement on May 21-Shanghai Metals Market

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Shanghai Spot Copper Price Movement on May 21

SMM Insight 01:14:55PM May 21, 2012 Source:SMM

SHANGHAI, May 21 (SMM) – Spot copper premiums were quoted between positive RMB 200-280/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,550-56,670/mt, and RMB 56,600-56,750/mt for high-quality copper. SHFE copper prices rebounded by more than 1.5%, and the SHFE/LME copper price ratio improved significantly, cutting losses in imported copper. Spot copper supply increased slightly in consequence. But cargo-holders were optimistic about future copper premiums and thus insisted on higher premium quotes. Downstream producers stood on the sidelines during the first trading day of the week following purchases at the lows the previous week and due to doubts about copper price rebounds. This led to limited market transaction volumes.
 

Key Words:  Shanghai spot copper  

Price

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1# Silver ingots(99.99%)
Sep.17
4344.0
-12.0
(-0.28%)
2# Silver ingots(99.95%)
Sep.17
4329.0
-12.0
(-0.28%)
3# Silver ingots(99.90%)
Sep.17
4314.0
-12.0
(-0.28%)
Gold(99.99%)
Sep.17
343.9
-0.5
(-0.15%)
Gold(99.95%)
Sep.17
343.7
-0.5
(-0.15%)

Shanghai Spot Copper Price Movement on May 21

SMM Insight 01:14:55PM May 21, 2012 Source:SMM

SHANGHAI, May 21 (SMM) – Spot copper premiums were quoted between positive RMB 200-280/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,550-56,670/mt, and RMB 56,600-56,750/mt for high-quality copper. SHFE copper prices rebounded by more than 1.5%, and the SHFE/LME copper price ratio improved significantly, cutting losses in imported copper. Spot copper supply increased slightly in consequence. But cargo-holders were optimistic about future copper premiums and thus insisted on higher premium quotes. Downstream producers stood on the sidelines during the first trading day of the week following purchases at the lows the previous week and due to doubts about copper price rebounds. This led to limited market transaction volumes.
 

Key Words:  Shanghai spot copper