Spot Copper Price Movement (2012-10-16)

SHANGHAI, Oct. 16 (SMM) – Spot copper discounts were negative RMB 30-170/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 58,620-58,700/mt, and RMB 58,700-58,800/mt for high-quality copper. As SHFE copper prices rebounded, and as SHFE 1210 copper contracts were delivered, spot copper discounts returned. Speculators were eager to move goods and kept spot copper supply sufficient. Near the midday, as copper prices rose, buying interest became lower and spot copper discounts continued expanding. The price differential between standard and high-quality copper widened. Traders became somehow unwilling to enter markets, while downstream producers mostly stood on the sidelines, restricting spot copper market activity.