Spot Copper Price Movement on Jul. 17-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 17

SMM Insight 01:49:51PM Jul 17, 2012 Source:SMM

SHANGHAI, Jul. 17 (SMM) – Spot copper offers were between premiums of positive RMB 0-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,180-56,270/mt, and RMB 56,220-56,350/mt for high-quality copper. As SHFE copper prices extended rebounds, some hedged copper was restricted in the morning. In the face of falling SHFE/LME copper price ratio, cargo-holders of imported copper tried to raise premiums, and the price gap between standard and high-quality copper widened. A small number of cargo-holders were moving goods at slight discounts to generate cash eagerly, but appropriately scaled back sale volumes near the midday when SHFE copper prices dropped rapidly. No price spread among SHFE copper contracts kept traders on the sidelines, while downstream producers resisted high spot copper premiums, leading to muted market activity.

 

Spot Copper Price Movement on Jul. 17

SMM Insight 01:49:51PM Jul 17, 2012 Source:SMM

SHANGHAI, Jul. 17 (SMM) – Spot copper offers were between premiums of positive RMB 0-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,180-56,270/mt, and RMB 56,220-56,350/mt for high-quality copper. As SHFE copper prices extended rebounds, some hedged copper was restricted in the morning. In the face of falling SHFE/LME copper price ratio, cargo-holders of imported copper tried to raise premiums, and the price gap between standard and high-quality copper widened. A small number of cargo-holders were moving goods at slight discounts to generate cash eagerly, but appropriately scaled back sale volumes near the midday when SHFE copper prices dropped rapidly. No price spread among SHFE copper contracts kept traders on the sidelines, while downstream producers resisted high spot copper premiums, leading to muted market activity.