Spot Copper Price Movement (2013-3-26)

SHANGHAI, Mar. 26 (SMM) – Spot copper premiums were RMB 30-150/mt in Shanghai on Tuesday. Traded prices for standard-quality copper were between RMB 55,730-55,800/mt, and RMB 55,780-56,000/mt for high-quality copper. Prices for the most active SHFE copper contracts trended down after a low opening. Cargo holders were eager to sell for cash against tight cash flows at the quarter’s end. Supplies of spot copper were ample and premiums were limited. Middlemen refrained from buying out of growing bearishness over future prices, while downstream producers took a wait-and-see stance, leaving transactions muted.