Spot Copper Price Movement (2013-6-17)

SHANGHAI, Jun. 17 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 100-280/mt over SHFE 1306 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 52,280-52,480/mt, and RMB 52,380-52,580/mt for high-quality copper. SHFE copper contract prices were staying at high levels. Holders of imported copper became more interested in selling against rising SHFE/LME copper price ratio. The price gap between SHFE 1306 and 1307 copper contracts expanded to above RMB 400/mt now that SHFE 1307 copper contracts will turn into the new current-month contract tomorrow. As a consequence, spot copper suppliers rushed to move goods, widening spot discount. A few middlemen entered the market in the morning, but downstream producers held to the sidelines, keeping transactions limited.