Spot Copper Price Movement (2013-4-9)-Shanghai Metals Market

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Spot Copper Price Movement (2013-4-9)

SMM Insight 02:59:32PM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 150-250/mt over SHFE 1304 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 55,100-55,250/mt, and RMB 55,150-55,350/mt for high-quality copper. SHFE copper prices rebounded, leaving little room for arbitrage in spot copper markets. As such, spot copper supply diminished, with offers remaining firm. SHFE copper fell back near mid-day, driving cargo holders to lower offers. Middlemen generally watched from the sidelines out of caution toward future prices, and downstream producers similarly believe the rally in copper prices will not sustain, leaving transactions subdued at above RMB 55,000/mt.  
 

Spot Copper Price Movement (2013-4-9)

SMM Insight 02:59:32PM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 150-250/mt over SHFE 1304 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 55,100-55,250/mt, and RMB 55,150-55,350/mt for high-quality copper. SHFE copper prices rebounded, leaving little room for arbitrage in spot copper markets. As such, spot copper supply diminished, with offers remaining firm. SHFE copper fell back near mid-day, driving cargo holders to lower offers. Middlemen generally watched from the sidelines out of caution toward future prices, and downstream producers similarly believe the rally in copper prices will not sustain, leaving transactions subdued at above RMB 55,000/mt.