Spot Copper Price Movement (2013-1-29)

SHANGHAI, Jan. 29 (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 57,850-57,900/mt, and RMB 57,900-58,020/mt for high-quality copper. SHFE copper prices rose by nearly RMB 200/mt in the early trading session, but then dropped. Spot copper cargo-holders, though, quoted prices very early in the morning, and were eager to sell at highs. Spot copper supply remained plentiful as a result, but copper discounts stabilized. Downstream producers were seen to enter markets at lows, but overall market transactions remained limited and were mainly contributed by speculators, due to the approaching Chinese New Year holiday.