Spot Copper Price Movement on May 23-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Macroeconomics
  • Production data
  • Market commentary
  • Morning comments
  • Aluminium
  • Copper
  • Stainless steel
  • Mengtai Group
  • hydrogen stations
  • Nickel
  • Futures movement
  • Iron ore

Spot Copper Price Movement on May 23

SMM Insight 01:32:34PM May 23, 2012 Source:SMM

SHANGHAI, May 23 (SMM) – Spot copper premiums were quoted between positive RMB 250-320/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,000-56,120/mt, and RMB 56,050-56,150/mt for high-quality copper. SHFE copper prices opened significantly down, but cargo-holders in spot markets insisted on moving goods at prices above RMB 56,000/mt. Spot copper premiums rose to above positive RMB 300/mt. Some traders were optimistic about future premiums and thus exhibited unwillingness in selling. Cargo-holders of hedged copper, however, became more willing to move goods. Spot copper supply remained stable. Downstream producers were hesitant to buy at around RMB 56,000/mt, leaving market activity quiescent.

 

Key Words:  Shanghai spot copper  

Price

more
SMM #1 Nickel
Oct.16
134400.0
550.0
(0.41%)
#1 JinChuan Nickel
Oct.16
134550.0
500.0
(0.37%)
#1 Import Nickel
Oct.16
134250.0
600.0
(0.45%)
JinChuan B&C
Oct.16
2450.0
250.0
(11.36%)
Russian nickel premium
Oct.16
2150.0
250.0
(13.16%)

Spot Copper Price Movement on May 23

SMM Insight 01:32:34PM May 23, 2012 Source:SMM

SHANGHAI, May 23 (SMM) – Spot copper premiums were quoted between positive RMB 250-320/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,000-56,120/mt, and RMB 56,050-56,150/mt for high-quality copper. SHFE copper prices opened significantly down, but cargo-holders in spot markets insisted on moving goods at prices above RMB 56,000/mt. Spot copper premiums rose to above positive RMB 300/mt. Some traders were optimistic about future premiums and thus exhibited unwillingness in selling. Cargo-holders of hedged copper, however, became more willing to move goods. Spot copper supply remained stable. Downstream producers were hesitant to buy at around RMB 56,000/mt, leaving market activity quiescent.

 

Key Words:  Shanghai spot copper