Spot Copper Price Movement (2013-3-4)

SHANGHAI, Mar. 4 (SMM) – Shanghai spot copper discounts were quoted between RMB 50-160/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,030-56,250/mt, and RMB 56,130-56,350/mt for high-quality copper. SHFE copper prices trended down after opening lower, and helped hedged copper enter spot copper markets. Spot copper supply remained plentiful as a result, so discounts can barely narrow. Copper prices dived again near the midday, but speculators were eager to move goods. Traders, however, became bearish towards future prices and cut purchase volumes, while downstream buying increased at prices around RMB 56,000/mt.