[Cu] Summary - 2009/8/3 Scrap Copper Market

SHANGHAI, Aug. 3 (SMM) -- East China, traded prices for spot copper were in the RMB 47,200-47,500/mt range in Shanghai region today, premiums fell slightly in the afternoon, as the downstream purchasing sentiment was weak amid high copper prices, and market transactions were moderate. Traded prices for spot copper were in the RMB 47,200-47,400/mt range in Shandong region. Copper prices soared, while downstream consumers purchased based on production needs, and struggles between short and long positions intensified.

    South China, traded prices were in the RMB 47,100-47,300/mt range for spot copper. Market supply was general, while copper prices soared. In this context, a portion of traders built stocks upon their optimistic price outlook, while downstream consumers held cautious attitude towards purchases, leading to limited transactions.

    North China, traded prices were RMB 47,100-47,300/mt for spot copper. Traders kept their offers firm, but downstream consumers wanted much lower prices, so the two sides were in a deadlock, leaving lukewarm trading sentiment.

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