Spot Copper Price Movement (2013-3-11)

SHANGHAI, Mar. 11 (SMM) – Shanghai spot copper premiums were quoted between 20-120/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,600-56,680/mt, and RMB 56,680-56,750/mt for high-quality copper. SHFE copper prices were volatile, and spot copper cargo-holders held divergent views. Some cargo-holders became reluctant to move goods since their hedged copper can not make profits, causing overall spot copper supply to decrease further. In this context, copper offers all turned into premiums, which, however, were resisted by downstream producers. High-quality copper reported high premiums, but resulted in thin trading volumes. Overall market activity was also relatively lackluster.