Spot Copper Price Movement on Jun. 8-Shanghai Metals Market

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Spot Copper Price Movement on Jun. 8

SMM Insight 01:13:35PM Jun 08, 2012 Source:SMM

SHANGHAI, Jun. 8 (SMM) – Spot copper premiums were quoted between positive RMB 280-360/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,300-54,500/mt, and RMB 54,350-54,600/mt for high-quality copper. The PBOC’s move in cutting interest rates failed to boost Chinese stock markets, so SHFE copper prices sank by over 1%, helping spot copper premiums to increase. Cargo-holders held divergent views. Those who did not hedge against copper price volatilities refused to quote low prices, while imported copper cargo-holders sold aggressively for cash. Spot copper supply thus was sufficient and diversified as well. Downstream producers, though, kept on their toes owing to pessimism towards future copper prices, leading to muted market activity.
 

 

Price

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#1 Refined Cu
May.20
47795.0
-105.0
(-0.22%)
Standard-Grade Copper
May.20
47765.0
-105.0
(-0.22%)
High-Grade Copper
May.20
47825.0
-100.0
(-0.21%)
Guixi copper
May.20
47830.0
-110.0
(-0.23%)
Low-quality copper
May.20
47690.0
-115.0
(-0.24%)

Spot Copper Price Movement on Jun. 8

SMM Insight 01:13:35PM Jun 08, 2012 Source:SMM

SHANGHAI, Jun. 8 (SMM) – Spot copper premiums were quoted between positive RMB 280-360/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,300-54,500/mt, and RMB 54,350-54,600/mt for high-quality copper. The PBOC’s move in cutting interest rates failed to boost Chinese stock markets, so SHFE copper prices sank by over 1%, helping spot copper premiums to increase. Cargo-holders held divergent views. Those who did not hedge against copper price volatilities refused to quote low prices, while imported copper cargo-holders sold aggressively for cash. Spot copper supply thus was sufficient and diversified as well. Downstream producers, though, kept on their toes owing to pessimism towards future copper prices, leading to muted market activity.