Spot Copper Price Movement (2013-1-14)-Shanghai Metals Market

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Spot Copper Price Movement (2013-1-14)

SMM Insight 11:59:05AM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) –Shanghai spot copper offers were between discounts of negative RMB 40/mt and premiums of positive RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,650-57,720/mt, and RMB 57,700-57,800/mt for high-quality copper. As SHFE copper prices retreated, and as the delivery day for SHFE 1301 copper contracts neared, cargo-holders tried to raise copper premiums. Hedged copper flew into spot markets and kept copper supply plentiful, restricting further upside room in premiums. Standard-quality copper traded at slightly discounts. With the price gap between SHFE 1301 and 1302 copper contracts remaining around RMB 300/mt, trader buying interest weakened, while downstream producers still bought to need at lows. Therefore, overall market supply still exceeded demand.
 

Price

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#1 Refined Cu
Oct.22
47170.0
-20.0
(-0.04%)
Standard-Grade Copper
Oct.22
47160.0
-20.0
(-0.04%)
High-Grade Copper
Oct.22
47180.0
-15.0
(-0.03%)
Guixi copper
Oct.22
47190.0
-10.0
(-0.02%)
Low-quality copper
Oct.22
47130.0
-10.0
(-0.02%)

Spot Copper Price Movement (2013-1-14)

SMM Insight 11:59:05AM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) –Shanghai spot copper offers were between discounts of negative RMB 40/mt and premiums of positive RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,650-57,720/mt, and RMB 57,700-57,800/mt for high-quality copper. As SHFE copper prices retreated, and as the delivery day for SHFE 1301 copper contracts neared, cargo-holders tried to raise copper premiums. Hedged copper flew into spot markets and kept copper supply plentiful, restricting further upside room in premiums. Standard-quality copper traded at slightly discounts. With the price gap between SHFE 1301 and 1302 copper contracts remaining around RMB 300/mt, trader buying interest weakened, while downstream producers still bought to need at lows. Therefore, overall market supply still exceeded demand.