Metals News
Spot Copper Price Movement on Jun. 29
smm insight
01:21PM
Jun 29,2012
Source:SMM

SHANGHAI, Jun. 29 (SMM) – Spot copper offers were between discounts of negative RMB 80/mt and premiums of positive RMB 20/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,700-55,100/mt, and RMB 54,750-55,200/mt for high-quality copper. SHFE copper prices opened lower this morning, but cargo-holders in spot markets were selling aggressively during the last trading day of June, leading spot copper premiums to fall and even turn into discounts. Nevertheless, the euro surged near the midday and helped LME copper soar. In response, SHFE 1207 copper contract also increased by nearly RMB 1,000/mt, depressing cargo-holders of hedged copper in spot markets who quoted mixed prices. Market activity became more lackluster at prices above RMB 55,000/mt.

 

Shanghai spot copper
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