Spot Copper Price Movement (2013-1-30)-Shanghai Metals Market

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Spot Copper Price Movement (2013-1-30)

SMM Insight 12:00:55PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) –Shanghai spot copper discounts were quoted between negative RMB 130-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,330-58,400/mt, and RMB 58,430-58,520/mt for high-quality copper. SHFE copper prices gained nearly RMB 600/mt after starting higher. Some speculators chose to enter markets at lows, but as SHFE copper prices rose appreciably, hedged copper was locked out of spot markets. However, a large amount of imported copper flew into spot markets with the SHFE/LME copper price ratio improving. In this context, overall spot copper supply remained sufficient, causing copper discounts to widen all the way. This failed to entice traders to conduct purchases, however, and downstream producers also expressed no interest in buying. Actual market transactions were limited as a consequence.
 

Price

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1# Zinc
Oct.21
18970.0
160.0
(0.85%)
0# Zinc
Oct.21
19040.0
160.0
(0.85%)
T/C for domestic zinc concentrate
Oct.01
6325.0
0.0
(0.00%)
T/C for imported zinc concentrate
Oct.01
280.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
Oct.21
19940.0
160.0
(0.81%)

Spot Copper Price Movement (2013-1-30)

SMM Insight 12:00:55PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) –Shanghai spot copper discounts were quoted between negative RMB 130-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,330-58,400/mt, and RMB 58,430-58,520/mt for high-quality copper. SHFE copper prices gained nearly RMB 600/mt after starting higher. Some speculators chose to enter markets at lows, but as SHFE copper prices rose appreciably, hedged copper was locked out of spot markets. However, a large amount of imported copper flew into spot markets with the SHFE/LME copper price ratio improving. In this context, overall spot copper supply remained sufficient, causing copper discounts to widen all the way. This failed to entice traders to conduct purchases, however, and downstream producers also expressed no interest in buying. Actual market transactions were limited as a consequence.