Spot Copper Price Movement (2013-2-21)

SHANGHAI, Feb. 21 (SMM) – Shanghai spot copper discounts were RMB 150-270/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,080-57,180/mt, and RMB 57,180-57,300/mt for high-quality copper. SHFE copper prices dropped by around RMB 1,000/mt and caused hedged copper to flow into spot markets. Imported copper supply also increased in the face of improving SHFE/LME copper price ratio. Overall spot copper supply remained sufficient as a result. High-quality copper was favored, and with SHFE copper falling further near the midday, copper discounts shrank marginally. Buying from both speculators and downstream producers increased slightly, but markets were still dominated by pessimism.