Spot Copper Price Movement (2013-4-10)-Shanghai Metals Market

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Spot Copper Price Movement (2013-4-10)

SMM Insight 02:57:20PM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 50-150/mt over SHFE 1304 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 55,520-55,620/mt, and RMB 55,550-55,700/mt for high-quality copper. SHFE copper prices were mired. Cargo holders were eager to sell for cash, leading to increased spot copper supply and pushing premium all the way down. Premium of high-quality copper was less than RMB 100/mt near mid-day. Downstream buying interest dwindled at above RMB 55,000/mt. Middlemen stayed out of the market as there was no opportunity for arbitrage after spot copper premium tumbled.
 

Spot Copper Price Movement (2013-4-10)

SMM Insight 02:57:20PM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 50-150/mt over SHFE 1304 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 55,520-55,620/mt, and RMB 55,550-55,700/mt for high-quality copper. SHFE copper prices were mired. Cargo holders were eager to sell for cash, leading to increased spot copper supply and pushing premium all the way down. Premium of high-quality copper was less than RMB 100/mt near mid-day. Downstream buying interest dwindled at above RMB 55,000/mt. Middlemen stayed out of the market as there was no opportunity for arbitrage after spot copper premium tumbled.