Spot Copper Price Movement (2012-10-24)

SHANGHAI, Oct. 24 (SMM) – Spot copper discounts were negative RMB 100-220/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 57,120-57,250/mt, and RMB 57,200-57,380/mt for high-quality copper. As SHFE copper prices extended losses, hedged traders continued moving goods for cash. Since the SHFE/LME copper price ratio made corrections, imported copper supply increased. Spot copper discounts thus expanded all the way. Traders were cautious towards purchases amid falling prices, but downstream producers still bought as needed. With growing market pessimism, spot market activity was lackluster.