Spot Copper Price Movement (2013-1-10)

SHANGHAI, Jan. 10 (SMM) –Shanghai spot copper discounts were negative RMB 20-140/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,600-57,640/mt, and RMB 57,660-57,740/mt for high-quality copper. SHFE copper prices rebounded on strong Chinese trade data, so some hedged copper was locked out of spot markets, leading spot copper supply to decrease. Cargo-holders thus narrowed discounts to move goods. Speculators made purchased in small quantities ahead of deliveries for SHFE 1301 copper contracts, while downstream producers still conducted limited transactions. Hence, market deals were largely contributed by traders.