Spot Copper Price Movement (2013-1-28)

SHANGHAI, Jan. 28 (SMM) –Shanghai spot copper discounts were between negative RMB 100-200/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,850-57,910/mt, and RMB 57,920-58,020/mt for high-quality copper. As SHFE copper prices slipped marginally, some hedged copper flew into spot markets, keeping spot copper supply comparatively sufficient. Traders took a wait-and-see posture following copper price drops, but downstream producers stepped up purchase volumes at prices below RMB 58,000/mt. Overall market supply still surpassed demand, however.