Spot Copper Price Movement (2013-3-5)

SHANGHAI, Mar. 5 (SMM) – Shanghai spot copper discounts were quoted between RMB 80-160/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,380-56,420/mt, and RMB 56,430-56,500/mt for high-quality copper. SHFE copper prices rebounded, but speculators in spot markets held divergent views. Those speculators who entered markets at lows the previous trading day chose to move goods aggressively for cash. Some hedged copper prices held firm. Overall spot copper supply remained sufficient, but low-quality hydro-copper supply was limited. As market pessimism eased some, traders took opportunities to buy, and downstream producers also increased purchase volumes at lows. In this context, Shanghai spot copper market activity improved.