Spot Copper Price Movement (2013-2-27)

SHANGHAI, Feb. 27 (SMM) – Shanghai spot copper discounts were RMB 140-260/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,020-57,100/mt, and RMB 57,100-57,200/mt for high-quality copper. SHFE copper prices lacked rebounding momentum, but spot copper cargo-holders insisted on moving goods, keeping market supply sufficient. Large copper discounts continued as a result. Most speculators took a wait-and-see posture, awaiting clear price direction, while some downstream producers chose to enter markets at lows. Hence, market transactions increased marginally, but overall market supply still exceeded demand.