Spot Copper Price Movement (2013-3-6)

SHANGHAI, Mar. 6 (SMM) – Shanghai spot copper discounts were quoted between RMB 30-120/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,580-56,680/mt, and RMB 56,620-56,740/mt for high-quality copper. SHFE copper prices marched down after opening higher, so spot copper cargo-holders became more optimistic over future markets and expressed unwillingness in moving goods. Spot copper supply thus decreased noticeably and helped copper discounts narrow all the way. Speculative interest also weakened in the face of shrinking discounts, but downstream producers still bought as needed. Supply surplus eased marginally as a result.