Spot Copper Price Movement (2013-1-8)

SHANGHAI, Jan. 8 (SMM) – Shanghai spot copper discounts were negative RMB 60-150/mt in on January 8. Traded prices were between RMB 57,480-57,570/mt for standard-quality copper, and RMB 57,550-57,680/mt for high-quality copper. SHFE copper prices rose after falling initially, and cargo holders reported normal sales, with spot discounts over the most active SHFE copper contract price holding steady. Price gap between the SHFE 1301 and 1302 copper contract narrowed to RMB 200/mt, dampening buying interest of middlemen. Downstream buyers were still not active in making transactions, leaving a stalemate between suppliers and buyers in the market.