Spot Copper Price Movement (2013-1-11)

SHANGHAI, Jan. 11 (SMM) –Shanghai spot copper discounts were negative RMB 20-100/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,900-57,960/mt, and RMB 57,950-58,040/mt for high-quality copper. SHFE copper prices suffered resistance to move higher owing to high-than-expected Chinese inflationary data, so some hedged copper was locked out of spot markets. This resulted in limited spot copper supply, helping copper discounts narrow. Cargo-holders became more willing to move goods at highs. Traders who had enough credit chose to buy, while downstream producers refrained from purchasing at prices above RMB 58,000/mt. Spot copper market activity was muted as a result.