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Spot Copper Price Movement (2012-10-17)
Oct 17,2012 13:15CST
smm insight
Source:SMM
Spot copper discounts were negative RMB 80-200/mt in Shanghai in the morning business.

SHANGHAI, Oct. 17 (SMM) – Spot copper discounts were negative RMB 80-200/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 58,450-58,530/mt, and RMB 58,520-58,780/mt for high-quality copper. As SHFE copper prices trended lower after starting high, spot copper cargo-holders were eager to move goods for cash at the highs, keeping spot copper supply sufficient. Copper discounts thus expanded. But as copper prices slipped rapidly in the second trading hours, high-quality copper cargo-holders exhibited strong unwillingness in moving goods and helped narrow copper discounts, but cargo-holders of standard-quality copper still sold at large discounts. This meant the price gap between standard and high-quality copper widened. Downstream buying increased slightly at the lows, but copper prices are likely to retreat future in the near future.

 

Shanghai spot copper
Shanghai copper dicounts

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