Spot Copper Price Movement (2013-3-1)

SHANGHAI, Mar. 1 (SMM) – Shanghai spot copper discounts were RMB 100-220/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,300-56,620/mt, and RMB 56,400-56,750/mt for high-quality copper. SHFE copper prices slid significantly and caused hedged copper to enter spot markets. Spot copper supply increased as a result, so discounts were unable to narrow. However, market activity improved as downstream producers bought at lows. Copper discounts shrank near the midday when SHFE copper prices shed by nearly RMB 1,000/mt, but cargo-holders shifted to the sidelines. Market pessimism was growing again, and market activity became muted. Overall market transactions dropped after initially rising in the morning as market surplus remained.