Spot Copper Price Movement (2013-4-8)-Shanghai Metals Market

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Spot Copper Price Movement (2013-4-8)

SMM Insight 12:07:58PM Apr 08, 2013 Source:SMM

SHANGHAI, Apr. 8 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 160-260/mt over SHFE 1304 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 54,600-54,720/mt, and RMB 54,640-54,820/mt for high-quality copper. The most active SHFE copper contract was resilient, allowing cargo holders to hold back from selling at lows. Growing premium of imported copper, combined with dwindling spot copper supply, pushed spot copper premium all the way up. Some traders entered the market in the morning, while downstream producers purchased to need at low prices. High-quality copper remained the most popular. Premium should remain high, though few transactions were concluded after premiums rose to more than RMB 250/mt. Overall trading was brisk.
 

Spot Copper Price Movement (2013-4-8)

SMM Insight 12:07:58PM Apr 08, 2013 Source:SMM

SHANGHAI, Apr. 8 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 160-260/mt over SHFE 1304 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 54,600-54,720/mt, and RMB 54,640-54,820/mt for high-quality copper. The most active SHFE copper contract was resilient, allowing cargo holders to hold back from selling at lows. Growing premium of imported copper, combined with dwindling spot copper supply, pushed spot copper premium all the way up. Some traders entered the market in the morning, while downstream producers purchased to need at low prices. High-quality copper remained the most popular. Premium should remain high, though few transactions were concluded after premiums rose to more than RMB 250/mt. Overall trading was brisk.