Spot Copper Price Movement (2012-10-23)

SHANGHAI, Oct. 23 (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 57,650-57,780/mt, and RMB 57,700-57,900/mt for high-quality copper. As SHFE copper prices moved lower all the way, market pessimism grew and hedged traders were eager to make profit-taking. Spot copper discounts thus expanded. Traders lacked buying interest, but downstream producers opted to buy at the lows near the midday, resulting in modest market transactions.