Spot Copper Price Movement on Jul. 25-Shanghai Metals Market

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Spot Copper Price Movement on Jul. 25

SMM Insight 01:21:24PM Jul 25, 2012 Source:SMM

SHANGHAI, Jul. 25 (SMM) – Spot copper premium quotes were positive RMB 80-150/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,850-54,900/mt, and RMB 54,900-55,000/mt for high-quality copper. SHFE copper prices started down in the morning and helped cargo-holders of hedged copper in spot markets sell for cash. As the SHFE/LME copper price ratio improved further, cargo-holders of imported copper chose to reduce premiums to move goods. The price gap between imported and domestic copper widened amid sufficient spot copper supply. Near the midday, copper prices edged up, but spot copper premiums were little changed. Traders met resistance to move goods, restricting market transactions. Downstream producers stuck to their source-to-need strategy, but overall market transactions were limited.
 

Spot Copper Price Movement on Jul. 25

SMM Insight 01:21:24PM Jul 25, 2012 Source:SMM

SHANGHAI, Jul. 25 (SMM) – Spot copper premium quotes were positive RMB 80-150/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,850-54,900/mt, and RMB 54,900-55,000/mt for high-quality copper. SHFE copper prices started down in the morning and helped cargo-holders of hedged copper in spot markets sell for cash. As the SHFE/LME copper price ratio improved further, cargo-holders of imported copper chose to reduce premiums to move goods. The price gap between imported and domestic copper widened amid sufficient spot copper supply. Near the midday, copper prices edged up, but spot copper premiums were little changed. Traders met resistance to move goods, restricting market transactions. Downstream producers stuck to their source-to-need strategy, but overall market transactions were limited.