Spot Copper Price Movement on Jun. 13

SMM Insight 01:06:00PM Jun 13, 2012 Source:SMM

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. 
 

Spot Copper Price Movement on Jun. 13

SMM Insight 01:06:00PM Jun 13, 2012 Source:SMM

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.