Spot Copper Price Movement (2013-2-4)

SHANGHAI, Feb. 4 (SMM) –Shanghai spot copper discounts were quoted between negative RMB 170-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 59,020-59,080/mt, and RMB 59,070-59,150/mt for high-quality copper. With SHFE copper starting higher, copper discounts expanded. Some spot copper cargo-holders, especially imported copper cargo-holders, chose to sell aggressively at large discounts ahead of the Chinese New Year holiday, while hedged copper cargo-holders became reluctant to move goods. However, both traders and downstream producers mostly took a wait-and-see posture, resulting in muted market activity.