Spot Copper Price Movement (2013-6-18)

SHANGHAI, Jun. 18 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 120-240/mt over SHFE 1307 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 51,800-51,930/mt, and RMB 51,900-52,300/mt for high-quality copper. SHFE 1310 copper contract prices trended down after opening lower. Cargo holders held offers firm after SHFE 1307 copper contracts became the new current-month contract. Middlemen moved goods aggressively, but downstream producers largely held to a wait-and-see stance out of growing pessimism, keeping supply in surplus. The result was that premium was limited.