Spot Copper Price Movement (2014-1-22)

SHANGHAI, Jan. 22 (SMM) – Spot copper in Shanghai was quoted at discounts of RMB 100-300/mt against SHFE 1402 copper contract prices on January 22. Traded prices were RMB 51,560-51,620/mt for standard-quality copper and RMB 51,660-51,780/mt for high-quality copper. Cargo holders still sold goods at highs. Supply in spot market remained ample, but as some traders of financial strength entered the market and some downstream buyers also started sourcing goods for the Chinese New Year holiday, spot discounts did not expand significantly. Hydro-copper were quoted relatively low with spot discounts exceeding RMB 400/mt. Price gap between standard and high quality copper widened to nearly RMB 200/mt. Most dealers will stay out of the market next week.