[Cu] Summary - 2009/10/29 Spot Copper Market

SHANGHAI, Oct. 29 (SMM) -- East China: mainstream traded prices were in the RMB 49,850-50,100/mt range in Shanghai market. Copper prices slipped further in the afternoon, and the US GDP data triggered the wait-and-see sentiment in the market. Downstream consumers purchased on as-needed basis, and purchases by speculators declined. Mainstream traded prices were in the RMB 49,850-50,050/mt range in Shandong province. Downstream producers purchased based on production needs given recent wide fluctuations in copper prices, resulting in lukewarm trading sentiment.

    South China: mainstream traded prices were RMB 49,800-50,100/mt. Market supply was relatively tight, with buyers mainly consisting of traders. The inquiries were moderate, but transactions were weak.

    North China: mainstream traded prices were RMB 49,700-50,000/mt. The copper price declines helped drive up downstream purchasing interest, and transactions improved significantly as a result.

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