Spot Copper Price Movement (2013-3-12)

SHANGHAI, Mar. 12 (SMM) – Shanghai spot copper premiums were quoted between RMB 0-100/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,600-56,650/mt, and RMB 56,650-56,750/mt for high-quality copper. SHFE copper prices lacked momentum to rebound, but some hedged copper was still locked. Copper prices also stopped falling temporarily and heightened some cargo-holders’ expectation over future copper prices. In this context, they quoted firm prices, causing spot copper supply to decrease. High-quality copper supply was limited. With premiums restricting trader buying interest, Shanghai spot copper market transactions were limited.