Spot Copper Price Movement (2012-12-19)

SHANGHAI, Dec. 19 (SMM) –Shanghai spot copper discounts were negative RMB 180-320/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,100-57,150/mt, and RMB 57,180-57,280/mt for high-quality copper. As SHFE copper prices slipped by over RMB 300/mt, hedged copper flew into spot markets. The increasing SHFE/LME copper price ratio helped imported copper supply increase. Besides, cargo-holders showed strong interest in moving goods for cash at the year’s end, lifting copper supply. In this context, copper discounts widened all the way. With wait-and-seen sentiment growing, overall market supply exceeded demand.