Spot Copper Price Movement (2013-2-6)

SHANGHAI, Feb. 6 (SMM) –Shanghai spot copper discounts were quoted between negative RMB 100-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,900-58,980/mt, and RMB 59,000-59,100/mt for high-quality copper. SHFE copper prices dropped after initially rising, but spot copper discounts remained stable. As most cargo-holders left markets during the second trading session, spot copper supply decreased and helped copper discounts shrink. Discounts for high-quality copper were merely negative RMB 100/mt near the midday. Despite muted market activity, spot copper prices held firm as speculators were wary of purchasing.