Spot Copper Price Movement (2013-4-12)

SHANGHAI, Apr. 12 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-70/mt and premium of RMB 0-50/mt over SHFE 1304 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 55,330-55,370/mt, and RMB 55,410-55,470/mt for high-quality copper. SHFE 1308 copper contract prices maintained winning-streak, and there was a price gap of over RMB 100/mt among SHFE copper contracts. Cargo holders were eager to sell before upcoming delivery of SHFE 1304 copper contracts. Growing spot copper supply pushed copper premium down. Some middlemen went bargain-hunting. High-quality copper was favored, widening its price spread with standard-quality copper. Downstream producers will not enter the market until SHFE 1305 copper contracts become the new current-month contract, leaving trading light.