Spot Copper Price Movement (2013-1-16)

SHANGHAI, Jan. 16 (SMM) –Shanghai spot copper discounts were between negative RMB 160-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,450-57,500/mt, and RMB 57,500-57,550/mt for high-quality copper. As SHFE copper prices rose after initially falling, spot copper discounts returned following deliveries for SHFE 1301 copper contracts. However, cargo-holders became pessimistic over future copper prices and thus stepped up sale volumes, with high-quality copper dominating market supply. The supply of standard-quality copper was limited and helped cargo-holders insist on firm prices. Both traders and downstream producers stood on the sidelines, resulting in market oversupply.