Spot Copper Price Movement on Jun. 5

SMM Insight 11:51:09AM Jun 05, 2012 Source:SMM

SHANGHAI, Jun. 5 (SMM) – Spot copper premiums were quoted between positive RMB 260-330/mt in Shanghai in the morning business Tuesday . Traded prices for standard-quality copper were between RMB 54,550-54,670/mt, and RMB 54,580-54,700/mt for high-quality copper. SHFE copper prices rebounded by over 1%, but cargo-holders in spot markets were still negative about future prices and thus stepped up sale volumes, leading to an increase in market supply. In consequence, spot copper premiums slid all the way. However, downstream producers were skeptical about copper price rebounds and mostly chose to stand on the sidelines following some purchases at the lows on the previous day. Hence, market transactions remained limited. 
 

Spot Copper Price Movement on Jun. 5

SMM Insight 11:51:09AM Jun 05, 2012 Source:SMM

SHANGHAI, Jun. 5 (SMM) – Spot copper premiums were quoted between positive RMB 260-330/mt in Shanghai in the morning business Tuesday . Traded prices for standard-quality copper were between RMB 54,550-54,670/mt, and RMB 54,580-54,700/mt for high-quality copper. SHFE copper prices rebounded by over 1%, but cargo-holders in spot markets were still negative about future prices and thus stepped up sale volumes, leading to an increase in market supply. In consequence, spot copper premiums slid all the way. However, downstream producers were skeptical about copper price rebounds and mostly chose to stand on the sidelines following some purchases at the lows on the previous day. Hence, market transactions remained limited.