Spot Copper Price Movement (2013-6-6)

SHANGHAI, Jun. 6 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 0-70 and premium of RMB 0-120/mt over SHFE 1306 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 53,750-53,850/mt, and RMB 53,800-54,030/mt for high-quality copper. SHFE 1309 copper contract prices were range-bound. Holders of imported copper rushed to sell for cash by lowering premium. Standard-quality copper was sold at discount. Prices of imported high-quality copper were flat with or slightly higher than SHFE 1306 copper contract prices, but RMB 100/mt lower than domestic high-quality copper. Prices of Guixi brand copper remained high, leaving little room for arbitrage. Downstream producers purchased based on orders at RMB 54,000/mt, with no massive pre-holiday restocking reported.