Spot Copper Price Movement on Jun. 14

SHANGHAI, Jun. 14 (SMM) – Spot copper premiums were quoted between positive RMB 20-100/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,700-55,000/mt, and RMB 54,750-55,100/mt for high-quality copper. SHFE copper prices started lower, but the SHFE/LME copper price ratio continued to improve, propelling cargo-holders in spot markets to move goods for cash. However, domestic copper cargo-holders were unwilling to sell. Some traders opted to buy owing to a drop in premiums on high-quality copper, while the price differential between SHFE 1206 and 1207 copper contract prevailed. Downstream producers, though, kept on their toes. SHFE copper prices rose rapidly by nearly RMB 300/mt near the midday, restricting spot copper market activity. Spot copper premiums fell sharply to below positive RMB 100/mt, and market transactions stagnated at prices above RMB 55,000/mt.