Spot Copper Price Movement (2013-3-8)

SHANGHAI, Mar. 8 (SMM) – Shanghai spot copper offers were quoted between discounts RMB 30/mt and premiums 70/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,500-56,600/mt, and RMB 56,560-56,680/mt for high-quality copper. SHFE copper prices rebounded, heightening market optimism over future markets. That, combined with the fact that some hedged copper was locked, helped spot copper cargo-holders quote firm prices. Copper premium quotes rose all the way in the face of limited copper supply, and copper offers all turned to premiums near the midday. Some large traders chose to buy in large quantities and led copper supply to decrease sharply, and downstream producers also stepped up purchases owing to optimism towards copper prices in the coming week. Nevertheless, cargo-holders expressed reluctance in moving goods.