Spot Copper Price Movement on Jul. 4-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 4

SMM Insight 01:11:58PM Jul 04, 2012 Source:SMM

SHANGHAI, Jul. 4 (SMM) – Spot copper offers were between discounts of negative RMB 70/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,150-56,330/mt, and RMB 56,200-56,430/mt for high-quality copper. SHFE copper prices slipped after initially surging, so the SHFE/LME copper price ratio continued to fall, depressing imported copper cargo-holders’ interest in moving goods. In consequence, spot copper discounts narrowed from the previous session. Some traders opted to make purchases owing to slight discounts in high-quality copper. However, spot copper discounts narrowed rapidly near the midday as copper prices retreated, and high-quality copper offers turned into slight premiums. Downstream producers stuck to the sidelines, and market transactions were still dominated by traders and speculators.

 

Price

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1# Silver ingots(99.99%)
Aug.21
4154.0
40.0
(0.97%)
2# Silver ingots(99.95%)
Aug.21
4139.0
40.0
(0.98%)
3# Silver ingots(99.90%)
Aug.21
4124.0
40.0
(0.98%)
Gold(99.99%)
Aug.21
343.4
1.0
(0.28%)
Gold(99.95%)
Aug.21
343.3
1.4
(0.41%)

Spot Copper Price Movement on Jul. 4

SMM Insight 01:11:58PM Jul 04, 2012 Source:SMM

SHANGHAI, Jul. 4 (SMM) – Spot copper offers were between discounts of negative RMB 70/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,150-56,330/mt, and RMB 56,200-56,430/mt for high-quality copper. SHFE copper prices slipped after initially surging, so the SHFE/LME copper price ratio continued to fall, depressing imported copper cargo-holders’ interest in moving goods. In consequence, spot copper discounts narrowed from the previous session. Some traders opted to make purchases owing to slight discounts in high-quality copper. However, spot copper discounts narrowed rapidly near the midday as copper prices retreated, and high-quality copper offers turned into slight premiums. Downstream producers stuck to the sidelines, and market transactions were still dominated by traders and speculators.