Spot Copper Price Movement (2013-1-4)

SHANGHAI, Jan. 4 (SMM) –Shanghai spot copper discounts were negative RMB 50-220/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,400-57,500/mt, and RMB 57,520-57,650/mt for high-quality copper. SHFE copper prices retreated from the daily moving average during the first trading day of 2013 since LME copper gave up gains registered during the New Year holiday period. In this context, few spot copper cargo-holders chose to move goods and insisted on firm prices, helping copper discounts narrow. Merely a small number of downstream producers replenished stocks, while a few traders bought spot copper and sold SHFE copper contracts, leading to limited market transactions.