Spot Copper Price Movement on Jul. 13-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 13

SMM Insight 01:09:40PM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,600-55,660/mt, and RMB 55,650-55,750/mt for high-quality copper. China’s GDP data and other economic data continued to fall and raised market speculation over further relaxation in monetary measures. Cargo-holders in spot markets thus sold aggressively when SHFE copper prices inched higher, keeping market supply both diversified and sufficient. As a result, spot copper premiums narrowed and standard-quality imported copper even traded at discounts while high-quality copper also reported discount quotes. Some traders continued to buy spot copper and sell copper futures contracts before SHFE 1207 copper continuous copper price rebound. Overall market transactions, though, improved marginally.  
 

Key Words:  Shanghai spot copper  

Price

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#1 Refined Cu
Aug.23
46300.0
-115.0
(-0.25%)
Standard-Grade Copper
Aug.23
46290.0
-115.0
(-0.25%)
High-Grade Copper
Aug.23
46310.0
-115.0
(-0.25%)
Guixi copper
Aug.23
46320.0
-115.0
(-0.25%)
Low-quality copper
Aug.23
46260.0
-110.0
(-0.24%)

Spot Copper Price Movement on Jul. 13

SMM Insight 01:09:40PM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,600-55,660/mt, and RMB 55,650-55,750/mt for high-quality copper. China’s GDP data and other economic data continued to fall and raised market speculation over further relaxation in monetary measures. Cargo-holders in spot markets thus sold aggressively when SHFE copper prices inched higher, keeping market supply both diversified and sufficient. As a result, spot copper premiums narrowed and standard-quality imported copper even traded at discounts while high-quality copper also reported discount quotes. Some traders continued to buy spot copper and sell copper futures contracts before SHFE 1207 copper continuous copper price rebound. Overall market transactions, though, improved marginally.  
 

Key Words:  Shanghai spot copper