Spot Copper Price Movement (2013-2-1)

SHANGHAI, Feb. 1 (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 58,520-58,600/mt, and RMB 58,620-58,700/mt for high-quality copper. As China’s official PMI came in softer than expected, SHFE copper prices fell slightly, which helped copper discounts shrank marginally. Cargo-holders continued moving goods, while downstream producers stepped up purchases following copper price drops. Market transactions thus improved but were still limited.