Spot Copper Price Movement (2013-2-28)

SHANGHAI, Feb. 28 (SMM) – Shanghai spot copper discounts were RMB 150-270/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,050-57,150/mt, and RMB 57,100-57,250/mt for high-quality copper. SHFE copper prices held flat, but spot copper supply remained sufficient at the month’s end, causing spot copper discounts to expand. However, cargo-holders expressed slight reluctance in moving goods at lows near the midday when copper prices dropped rapidly, and led market supply to decrease. As a result, copper discounts shrank marginally. Some speculators entered markets, but downstream buying was limited due to tight cash flows. Hence, overall market transactions were limited.