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Spot Copper Price Movement (2013-3-13)
Mar 13,2013 12:00CST
smm insight
Source:SMM
Shanghai spot copper premiums were quoted between 0-100/mt in the morning business, and market activity was quiet.

SHANGHAI, Mar. 13 (SMM) – Shanghai spot copper premiums were quoted between 0-100/mt in the morning business. Traded prices for standard-quality copper were between RMB 56,750-56,930/mt, and RMB 56,800-57,050/mt for high-quality copper. SHFE copper prices marched higher after starting up, so hedged copper was still locked out of spot copper markets. The price gap among forward SHFE copper contracts expanded to nearly RMB 300/mt, enticing some speculators to buy at lows. However, these speculators chose to sell after copper prices rose, causing spot copper premiums to shrink all the way. Standard-quality copper saw a rapid decline in premiums, down to around RMB 0/mt, increasing its price gap with high-quality copper. Most downstream producers and traders took a wait-and-see posture before delivery for SHFE 1303 copper contract, leading to quiet market activity.
 

Shanghai spot copper
Shanghai copper premiums
Shanghai copper supply

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