Spot Copper Price Movement (2013-3-29)

SHANGHAI, Mar. 29 (SMM) – Spot copper discounts were RMB 0-20/mt and premiums RMB 0-60/mt in Shanghai on Friday. Traded prices for standard-quality copper were between RMB 55,250-55,310/mt, and RMB 55,280-55,380/mt for high-quality copper. With LME market being closed today, the most active SHFE copper contract moved within tight ranges after opening lower. Cargo holders who suffered tight liquidity were anxious to sell, keeping premiums in check. Some middlemen entered the market due to imminent delivery of long-term contracts. High-quality copper was preferred by middlemen. Downstream producers, on the other hand, watched from the sidelines.