Spot Copper Price Movement (2013-2-7)-Shanghai Metals Market

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Spot Copper Price Movement (2013-2-7)

SMM Insight 12:21:43PM Feb 07, 2013 Source:SMM

SHANGHAI, Feb. 7 (SMM) – Shanghai spot copper offers were between discounts RMB 70/mt and premiums RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,600-58,700/mt, and RMB 58,700-58,800/mt for high-quality copper. With SHFE copper prices slipping, spot copper market activity remained quiet as the Chinese New Year holiday nears. Spot copper supply was limited and helped copper discounts shrink, with price offers for high-quality copper returning to premiums. The price differential between SHFE 1302 and 1303 copper contract widened to around RMB 400/mt, so some speculators chose to buy spot copper and sell SHFE copper contracts. Both traders and downstream producers, though, withdrew from markets, resulting in lackluster market activity.

 

Price

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SMM #1 Nickel
Dec.10
108800.0
-1250.0
(-1.14%)
#1 JinChuan Nickel
Dec.10
110900.0
-1250.0
(-1.11%)
#1 Import Nickel
Dec.10
106650.0
-1300.0
(-1.20%)
JinChuan B&C
Dec.10
8900.0
500.0
(5.95%)
Russian Nickel Premium
Dec.10
4650.0
450.0
(10.71%)

Spot Copper Price Movement (2013-2-7)

SMM Insight 12:21:43PM Feb 07, 2013 Source:SMM

SHANGHAI, Feb. 7 (SMM) – Shanghai spot copper offers were between discounts RMB 70/mt and premiums RMB 50/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,600-58,700/mt, and RMB 58,700-58,800/mt for high-quality copper. With SHFE copper prices slipping, spot copper market activity remained quiet as the Chinese New Year holiday nears. Spot copper supply was limited and helped copper discounts shrink, with price offers for high-quality copper returning to premiums. The price differential between SHFE 1302 and 1303 copper contract widened to around RMB 400/mt, so some speculators chose to buy spot copper and sell SHFE copper contracts. Both traders and downstream producers, though, withdrew from markets, resulting in lackluster market activity.