Spot Copper Price Movement (2013-4-16)

SHANGHAI, Apr. 16 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 150-300/mt over SHFE 1305 copper contract on Tuesday. Traded prices for standard-quality copper were between RMB 52,750-53,130/mt, and RMB 52,830-53,250/mt for high-quality copper. SHFE 1308 copper contract shed another RMB 1,000/mt. Cargo holders held offers at high premium now that SHFE 1305 copper contracts have become the new current-month contract. Some middlemen entered the market in the morning. Spot copper was largely offered at a premium of RMB 200-250/mt over SHFE 1304 copper contract, with traded prices reported at RMB 52,750-53,000/mt. Copper prices suddenly rose RMB 400/mt during the second trading session, depressing buying interest. Imported copper increased, and came in many varieties. As a result, premium of standard-quality copper was lowered, and premium of high-quality copper also narrowed to RMB 150-250/mt, with traded prices at RMB 52,850-53,250/mt. Downstream producers were divided on their willingness to buy. Some watched from the sidelines out of bearishness, while others went bargain-hunting. Overall trading improved, but bearishness continued to dominate the market.