Spot Copper Price Movement on Jun. 13

SHANGHAI, Jun. 13 (SMM) – Spot copper premiums were quoted between positive RMB 70-140/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,780-54,820/mt, and RMB 54,820-54,900/mt for high-quality copper. SHFE copper prices rebounded marginally, with the price spread between SHFE 1206 and 1207 copper contract still standing around RMB 400/mt. Cargo-holders in spot markets thus were actively moving goods, resulting in sufficient market supply. Spot copper premiums continued to fall in consequence. Traders tried to bid down premiums on high-quality copper, contributing the most to market transactions. Downstream producers, though, still sourced to order. Therefore, overall market supply still exceeded demand.