[Cu] SMM Summary - 2009/7/27 Spot Copper Market

SHANGHAI, July 27 (CBI China) -- East China, traded prices for spot copper were in the RMB 44,450-44,600/mt range in Shanghai region today. Copper prices moved up in the afternoon, and spot discounts ranged from RMB 100/mt to 0. Copper price soared, but downstream purchasing interest was low, so transactions were slim. Imported copper supply increased, mainly from ENM, CCC-P and Australia. Traded prices for spot copper were in the RMB 43,450-43,600/mt range in Shandong region. Copper price climbed in the afternoon, and suppliers cut their supply. Continuous increases in copper price hampered downstream buying sentiment, leading to lukewarm transactions.

    South China, traded prices were in the RMB 43,600-43,700/mt range for spot copper. The refined copper consumption was dampened by the increased imports of refined copper and scrap copper, as well as low-priced copper rod, so transactions were weak.

    North China, traded prices were RMB 44,400-44,600/mt for spot copper. Copper price soared in the afternoon, but the downstream orders were weak and they held cautious attitude with regard to purchases, so trading volumes were limited.

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