Spot Copper Price Movement (2013-2-19)

SHANGHAI, Feb. 19 (SMM) – Shanghai spot copper discounts were RMB 130-250/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,330-58,370/mt, and RMB 58,400-58,470/mt for high-quality copper. SHFE copper prices extended weakness, but spot copper discounts returned following the delivery for SHFE 1302 copper contracts. Hedged copper flew into spot markets and kept spot copper supply plentiful. In this context, copper discounts widened all the way. Domestic standard-quality copper cargo-holders became more interested in moving goods for cash, so the price gap between standard and high-quality copper expanded. Traders’ buying interest abated, however, while downstream producers have yet to get back to markets. Actual market activity remained lackluster as a result.