Spot Copper Price Movement (2013-3-21)

SHANGHAI, Mar. 21 (SMM) – Spot copper discounts were RMB 0-40/mt and premiums RMB 0-80/mt in Shanghai on Thursday. Traded prices for standard-quality copper were between RMB 56,000-56,400/mt, and RMB 56,050-56,500/mt for high-quality copper. HSBC’s China March manufacturing PMI beat forecasts, helping SHFE 1307 copper contract prices gain by RMB 1,000/mt after a high opening. A small number of speculators bought in at lows in the morning and then quickly sold at higher prices. Spot copper supplies were ample and premiums dropped all the way down. Standard-quality copper was sold at discounts. Market quotations varied greatly. Middlemen bought spot copper while selling SHFE copper. Few transactions were completed at above RMB 56,000/mt and middlemen were the major contributors to today’s transactions.