Spot Copper Price Movement (2013-6-14)

SHANGHAI, Jun. 14 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 0-130/mt and a premium of RMB 0-50/mt over SHFE 1306 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 52,300-52,380/mt, and RMB 52,400-52,500/mt for high-quality copper. SHFE 1310 copper contract prices extended losses. The price gap between SHFE 1306 and SHFE 1307 copper contracts expanded to RMB 400/mt due to approaching delivery of SHFE 1306 copper contracts. The massive inflows of imported copper forced cargo holders to cut offers. Goods were sold at discount near mid-day break. Middlemen entered the market for arbitrage, while downstream producers purchased to need.