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[Cu] SMM Summary - 2009/7/29 Spot Copper Market
SHANGHAI, July 29 (SMM) -- East China, traded prices for spot copper were in the RMB 43,500-44,100/mt range in Shanghai region today. Copper prices plunged in the afternoon, depressing downstream purchasing interest, and leading to lackluster trading activity. Traded prices for spot copper were in the RMB 43,800-44,100/mt range in Shandong region. Copper prices slumped in the afternoon, leading to weak transactions.
South China, traded prices were in the RMB 43,500-43,600/mt range for spot copper. Copper prices were lower than other regions due to ample market supply and increased scrap copper supply. Copper prices plunged today, and most downstream consumers stood on sidelines, leading to slim transactions.
North China, traded prices were RMB 43,500-44,200/mt for spot copper. Copper prices plunged in the afternoon, stimulating a portion of downstream producers to purchase, but traders were reluctant to sell goods. Traded price range has expanded today.
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