Spot Copper Price Movement (2012-10-30)

SHANGHAI, Oct. 30 (SMM) – Spot copper discounts were negative RMB 60-180/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,250-56,300/mt, and RMB 56,320-56,450/mt for high-quality copper. As SHFE copper prices slumped by nearly RMB 500/mt, hedged traders were eager to move goods, allowing market supply sufficient. Drops in copper discounts were limited. As SHFE copper prices were restricted, market pessimism grew, which depressed traders’ buying interest. Downstream producers, though, continued purchasing to order, but overall market transactions were limited.