Spot Copper Price Movement (2012-12-24)-Shanghai Metals Market

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Spot Copper Price Movement (2012-12-24)

SMM Insight 11:57:24AM Dec 24, 2012 Source:SMM

SHANGHAI, Dec. 24 (SMM) –Shanghai spot copper discounts were negative RMB 230-330/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,400-56,450/mt, and RMB 56,500-56,570/mt for high-quality copper. As SHFE copper prices rebounded slightly, hedged copper was locked out of spot markets. Some companies chose to stay away from markets due to tight cash flows at the year’s end, while other cargo-holders were not willing to expand discounts, which thus narrowed. Downstream producers slightly increased purchase volumes after copper prices stopped dropping, but overall market transactions remained limited.

 

Price

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#1 Refined Cu
Nov.15
46935.0
-90.0
(-0.19%)
Standard-Grade Copper
Nov.15
46925.0
-90.0
(-0.19%)
High-Grade Copper
Nov.15
46955.0
-80.0
(-0.17%)
Guixi Copper
Nov.15
46965.0
-75.0
(-0.16%)
Low-Quality Copper
Nov.15
46870.0
-90.0
(-0.19%)

Spot Copper Price Movement (2012-12-24)

SMM Insight 11:57:24AM Dec 24, 2012 Source:SMM

SHANGHAI, Dec. 24 (SMM) –Shanghai spot copper discounts were negative RMB 230-330/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,400-56,450/mt, and RMB 56,500-56,570/mt for high-quality copper. As SHFE copper prices rebounded slightly, hedged copper was locked out of spot markets. Some companies chose to stay away from markets due to tight cash flows at the year’s end, while other cargo-holders were not willing to expand discounts, which thus narrowed. Downstream producers slightly increased purchase volumes after copper prices stopped dropping, but overall market transactions remained limited.