Spot Copper Price Movement on Jul. 20-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 20

SMM Insight 01:31:03PM Jul 20, 2012 Source:SMM

SHANGHAI, Jul. 20 (SMM) – Spot copper offers were between premiums of positive RMB 20-120/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,180-56,300/mt, and RMB 56,250-56,380/mt for high-quality copper. SHFE copper prices extended rebounds, so some hedged copper was locked, reducing spot copper supply. As the SHFE/LME copper price ratio continued to fall, imported copper cargo-holders insisted on firm premiums, while traders were hesitant to sell on increasing optimism copper prices would rise next week. Downstream producers stepped up purchases at the lows, but overall market activity remained cautious.
 

Spot Copper Price Movement on Jul. 20

SMM Insight 01:31:03PM Jul 20, 2012 Source:SMM

SHANGHAI, Jul. 20 (SMM) – Spot copper offers were between premiums of positive RMB 20-120/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,180-56,300/mt, and RMB 56,250-56,380/mt for high-quality copper. SHFE copper prices extended rebounds, so some hedged copper was locked, reducing spot copper supply. As the SHFE/LME copper price ratio continued to fall, imported copper cargo-holders insisted on firm premiums, while traders were hesitant to sell on increasing optimism copper prices would rise next week. Downstream producers stepped up purchases at the lows, but overall market activity remained cautious.