Spot Copper Price Movement (2013-2-20)

SHANGHAI, Feb. 20 (SMM) – Shanghai spot copper discounts were RMB 200-330/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,050-58,120/mt, and RMB 58,150-58,230/mt for high-quality copper. SHFE copper prices continued falling and caused hedged copper to flow into spot markets continuously. Speculators still expressed strong interest in moving goods for cash, while shipments of imported copper arrived at ports. Spot copper supply thus remained sufficient, so copper discounts expanded further. With some downstream producers getting back to markets, transaction volumes increased slightly. However, supply surplus was still pronounced.