Spot Copper Price Movement (2013-1-18)

SHANGHAI, Jan. 18 (SMM) –Shanghai spot copper discounts were between negative RMB 100-220/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,580-57,640/mt, and RMB 57,650-57,720/mt for high-quality copper. As SHFE copper prices rebounded, some hedged copper was locked out of spot markets, helping copper discounts stabilize. Market players held divergence over future copper prices. Most cargo-holders chose to sell for cash ahead of the Chinese New Year holiday, while downstream producers still sourced to need at lows. Market deals thus were largely contributed by traders.