Spot Copper Price Movement (2013-1-23)

SHANGHAI, Jan. 23 (SMM) –Shanghai spot copper discounts were between negative RMB 120-240/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,900-57,950/mt, and RMB 57,980-58,050/mt for high-quality copper. SHFE copper prices moved down after starting higher, but cargo-holders held divergence views towards future markets, quoting mixed prices. Some cargo-holders were eager to sell for cash and caused discounts to expand. Overall spot copper supply was plentiful, but both traders and downstream producers generally refrained from purchasing at prices above RMB 58,000/mt. Market transactions stagnated again as a result.