Spot Copper Price Movement (2014-3-7)

SHANGHAI, Mar. 7 (SMM) – Spot copper was offered at discounts of RMB 80-160/mt in Shanghai on Friday. Traded prices were RMB 48,880-48,980/mt for standard-quality copper and RMB 48,900-49,120/mt for high-quality copper. Dragged down by declining SHFE copper prices, spot copper prices fell below RMB 49,000/mt. Cargo holders were active in moving goods, and downstream producers had slightly higher buying interest on Friday. Since price gap between high-quality copper and standard-quality copper remained less than RMB 50/mt, middlemen were inactive in trading. Markets were dominated by wary sentiment due to massive sell-offs on Friday.