Spot Copper Price Movement (2013-6-3)

SHANGHAI, Jun. 3 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 100-260/mt over SHFE 1306 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 53,550-53,650/mt, and RMB 53,670-53,830/mt for high-quality copper. SHFE 1309 copper contract prices lacked upward momentum. Some traders aggressively sold off goods to generate cash in the morning, while others held offers firm. Spot copper came in many varieties and supply was plentiful, causing premium to narrow. Some middlemen bought spot copper while selling SHFE copper. Trading in spot market was muted after SHFE copper fell back, but some downstream producers purchased to need after SHFE copper stopped falling.