Spot Copper Price Movement (2012-10-22)

SHANGHAI, Oct. 22 (SMM) – Spot copper discounts were negative RMB 20-150/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 57,850-57,920/mt, and RMB 57,880-58,020/mt for high-quality copper. As SHFE copper prices fell by nearly RMB 1,000/mt, hedged copper flew wildly into spot markets, significantly increasing market supply. Cargo-holders were selling aggressively and caused spot copper discounts to widen all the way. Downstream buying increased slightly at prices below RMB 58,000/mt, but overall purchases were cautious as bearish sentiment grew.