Spot Copper Price Movement (2013-1-9)

SHANGHAI, Jan. 9 (SMM) –Shanghai spot copper discounts were negative RMB 60-150/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,480-57,520/mt, and RMB 57,550-57,600/mt for high-quality copper. SHFE copper prices fluctuated near current values, so spot copper discounts remained stable. The price differential between SHFE 1301 and 1302 copper contract was still around RMB 200/mt. Cargo-holders moved goods stably, but transactions for high-quality copper were a little better. Downstream producers generally opted to stay out of markets, while a falling number of speculators chose to enter markets, resulting in muted market activity.