Spot Copper Price Movement (2012-10-15)

SHANGHAI, Oct. 15 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 58,350-58,450/mt, and RMB 58,450-58,580/mt for high-quality copper. As SHFE copper prices fell considerably, and as Monday was the last trading day for SHFE 1210 copper contracts, spot copper premiums returned to markets. Some traders bought high-quality copper at slight premiums and enlivened market activity. However, near the midday, as forward SHFE copper contracts showed resilient, cargo-holders of high-quality copper became unwilling to sell, leading copper supply to decrease. Downstream buying increased at the lows, which improved spot copper market activity.