Spot Copper Price Movement (2013-1-17)

SHANGHAI, Jan. 17 (SMM) –Shanghai spot copper discounts were between negative RMB 120-180/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,250-57,280/mt, and RMB 57,280-57,350/mt for high-quality copper. As SHFE copper prices slipped, copper discounts shrank. Cargo-holders showed little reluctance in moving goods at lows, leading to a drop in market supply. Prices of domestic standard-quality copper held firm, so the price gap between standard and high-quality copper was limited. With wait-and-see sentiment dominating markets, downstream producers still sourced to need, resulting in market oversupply.