Spot Copper Price Movement (2013-4-11)

SHANGHAI, Apr. 11 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-20/mt and premium of RMB 0-100/mt over SHFE 1304 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 55,300-55,420/mt, and RMB 55,360-55,500/mt for high-quality copper. SHFE 1308 copper contract prices edged down, leaving a price gap of roughly RMB 100/mt among SHFE copper contracts. Cargo holders were eager to sell for cash by lowering offers. Standard-quality copper supply increased, widening its price gap with high-quality copper. Spot copper discounts were reported near mid-day, but premium did not narrow to what middlemen had desired, so middlemen largely held to the sidelines. Downstream producers intended not to enter the market until SHFE 1305 copper contracts become the new current-month contract, leaving trading stagnant.