Spot Copper Price Movement (2013-4-23)-Shanghai Metals Market

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Spot Copper Price Movement (2013-4-23)

SMM Insight 03:45:01PM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 130-250/mt over SHFE 1305 copper contract on Tuesday. Traded prices for standard-quality copper were between RMB 49,950-50,250/mt, and RMB 50,050-50,350/mt for high-quality copper. HSBC’s China PMI for April fell far short of expectations, causing SHFE 1308 copper contract to extend losses. The most active SHFE copper contract fell again towards mid-day, aggravating market pessimism. Spot copper premium narrowed and no massive dip-buying was reported even after copper prices retreated from RMB 50,000/mt. 
 

Spot Copper Price Movement (2013-4-23)

SMM Insight 03:45:01PM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 130-250/mt over SHFE 1305 copper contract on Tuesday. Traded prices for standard-quality copper were between RMB 49,950-50,250/mt, and RMB 50,050-50,350/mt for high-quality copper. HSBC’s China PMI for April fell far short of expectations, causing SHFE 1308 copper contract to extend losses. The most active SHFE copper contract fell again towards mid-day, aggravating market pessimism. Spot copper premium narrowed and no massive dip-buying was reported even after copper prices retreated from RMB 50,000/mt.