Spot Copper Price Movement (2013-3-22)

SHANGHAI, Mar. 22 (SMM) – Spot copper premiums were RMB 20-120/mt in Shanghai on Friday. Traded prices for standard-quality copper were between RMB 55,820-55,920/mt, and RMB 55,880-56,020/mt for high-quality copper. SHFE 1307 copper contract prices inched down, stimulating cargo holders to sell at highs for cash. More imported copper flowed into spot markets due to rising SHFE/LME copper price ratio, dragging spot copper premiums down. Some speculators entered the market in the morning. However, trading volumes fell in the second trading session after SHFE copper prices fell back. This is because middlemen shied away from buying to avoid risks before the upcoming weekend. Downstream producers, on the other hand, increased purchases at low prices.