Spot Copper Price Movement (2012-12-20)-Shanghai Metals Market

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Spot Copper Price Movement (2012-12-20)

SMM Insight 12:01:52PM Dec 20, 2012 Source:SMM

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.
 

Price

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#1 Refined Cu
Sep.20
47395.0
-65.0
(-0.14%)
Standard-Grade Copper
Sep.20
47380.0
-70.0
(-0.15%)
High-Grade Copper
Sep.20
47415.0
-55.0
(-0.12%)
Guixi copper
Sep.20
47425.0
-55.0
(-0.12%)
Low-quality copper
Sep.20
47330.0
-85.0
(-0.18%)

Spot Copper Price Movement (2012-12-20)

SMM Insight 12:01:52PM Dec 20, 2012 Source:SMM

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.