Spot Copper Price Movement (2013-3-7)

SHANGHAI, Mar. 7 (SMM) – Shanghai spot copper offers were quoted between discounts RMB 80/mt and premiums 20/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,180-56,280/mt, and RMB 56,240-56,380/mt for high-quality copper. SHFE copper prices fell sharply and caused hedged copper to flow into spot markets. Spot copper cargo-holders offered slight premiums, which, however, were resisted by markets. With copper prices rallying from lows, market sale volumes increased. In this context, premiums for high-quality copper turned to discounts, and discounts for standard-quality copper expanded. Most traders chose to stand on the sidelines, while some downstream producers stepped up purchases at lows. Overall market activity remained muted, though.