Spot Copper Price Movement (2013-1-15)

SHANGHAI, Jan. 15 (SMM) –Shanghai spot copper offers were between discounts of negative RMB 20/mt and premiums of positive RMB 100/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,470-57,510/mt, and RMB 57,550-57,630/mt for high-quality copper. As SHFE copper prices slid by around RMB 300/mt, hedged copper flew into spot markets and dominated spot copper supply. Cargo-holders insisted on firm prices during the last trading day for SHFE 1301 copper contracts, helping copper premiums increase during the second trading session. The price differential between SHFE 1301 and 1302 copper contracts was still roughly RMB 300/mt. Some traders took advantages to enter markets, while downstream producers bought as needed at lows, resulting in modest market transactions.