Spot Copper Price Movement (2012-12-20)

SHANGHAI, Dec. 20 (SMM) –Shanghai spot copper discounts were negative RMB 220-380/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,320-56,440/mt, and RMB 56,420-56,580/mt for high-quality copper. As SHFE copper prices slipped by nearly RMB 1,000/mt, hedged copper flew into spot markets. Coupled with the fact that cargo-holders were eager to move goods for cash at the year’s end, spot copper supply continued climbing and caused discounts to expand all the way. Discounts for high-quality copper were already quoted at negative RMB 300/mt near the midday. Downstream producers mostly took a wait-and-see stance amid falling copper prices, and speculators were not seen to buy at the lows owing to tight cash flows.