Spot Copper Price Movement on May 24-Shanghai Metals Market

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Spot Copper Price Movement on May 24

SMM Insight 01:04:04PM May 24, 2012 Source:SMM

SHANGHAI, May 24 (SMM) – Spot copper premiums were quoted between positive RMB 250-330/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,750-55,870/mt, and RMB 55,800-55,930/mt for high-quality copper. SHFE copper prices retreated, and SHFE 1206 copper contract lost RMB 56,000/mt completely. Coupled with prevailing selling pressures for forward copper contracts, cargo-holders in spot markets became more pessimistic about future copper prices and therefore became more willing to move goods. Spot copper supply increased in consequence, leading spot copper premiums to slide. Downstream producers stood on the sidelines since they were also negative about future prices, as markets were dominated by sell-offs.
 

Key Words:  Shanghai spot copper  

Price

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1# Zinc
Oct.22
18930.0
-40.0
(-0.21%)
0# Zinc
Oct.22
19000.0
-40.0
(-0.21%)
T/C for domestic zinc concentrate
Oct.01
6325.0
0.0
(0.00%)
T/C for imported zinc concentrate
Oct.01
280.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
Oct.22
19900.0
-40.0
(-0.20%)

Spot Copper Price Movement on May 24

SMM Insight 01:04:04PM May 24, 2012 Source:SMM

SHANGHAI, May 24 (SMM) – Spot copper premiums were quoted between positive RMB 250-330/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,750-55,870/mt, and RMB 55,800-55,930/mt for high-quality copper. SHFE copper prices retreated, and SHFE 1206 copper contract lost RMB 56,000/mt completely. Coupled with prevailing selling pressures for forward copper contracts, cargo-holders in spot markets became more pessimistic about future copper prices and therefore became more willing to move goods. Spot copper supply increased in consequence, leading spot copper premiums to slide. Downstream producers stood on the sidelines since they were also negative about future prices, as markets were dominated by sell-offs.
 

Key Words:  Shanghai spot copper