Spot Copper Price Movement (2013-4-2)

SHANGHAI, Apr. 2 (SMM) – Spot copper premiums were RMB 120-220/mt in Shanghai on Tuesday. Traded prices for standard-quality copper were between RMB 54,480-54,640/mt, and RMB 54,530-54,750/mt for high-quality copper. Suppliers of imported copper refused to sell at lows after the SHFE/LME copper price ratio fell sharply. SHFE 1307 SHFE copper contract fell back by nearly RMB 200/mt near the mid-day, while spot copper premiums rose further. High-quality copper was favored by middlemen, widening price gap with standard-quality copper. Downstream producers continued to go bargain hunting. Trading will improve further after the SHFE/LME copper price ratio bounces back.