Spot Copper Price Movement on Jul. 16-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 16

SMM Insight 01:07:15PM Jul 16, 2012 Source:SMM

SHANGHAI, Jul. 16 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 30/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,000-56,090/mt, and RMB 56,050-56,150/mt for high-quality copper. As SHFE copper prices started higher, spot copper premiums slipped. There was nearly no price gap among SHFE copper contracts and allowed little speculative room, restricting both spot copper premiums and discounts. Downstream producers stuck to the sidelines, awaiting clear copper price trends. As copper prices retreated to levels near RMB 56,000/mt near the midday, cargo-holders of high-quality copper reduced sale volumes. Monday was the last trading day for SHFE 1207 copper contract, and downstream producers were cautious at prices above RMB 56,000/mt, leading to modest market transactions.
 

Price

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SMM #1 Nickel
Aug.26
123700.0
150.0
(0.12%)
#1 JinChuan Nickel
Aug.26
124250.0
150.0
(0.12%)
#1 Import Nickel
Aug.26
123150.0
200.0
(0.16%)
JinChuan B&C
Aug.26
1550.0
200.0
(14.81%)
Russian nickel premium
Aug.26
450.0
275.0
(157.14%)

Spot Copper Price Movement on Jul. 16

SMM Insight 01:07:15PM Jul 16, 2012 Source:SMM

SHANGHAI, Jul. 16 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 30/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,000-56,090/mt, and RMB 56,050-56,150/mt for high-quality copper. As SHFE copper prices started higher, spot copper premiums slipped. There was nearly no price gap among SHFE copper contracts and allowed little speculative room, restricting both spot copper premiums and discounts. Downstream producers stuck to the sidelines, awaiting clear copper price trends. As copper prices retreated to levels near RMB 56,000/mt near the midday, cargo-holders of high-quality copper reduced sale volumes. Monday was the last trading day for SHFE 1207 copper contract, and downstream producers were cautious at prices above RMB 56,000/mt, leading to modest market transactions.