Spot Copper Price Movement (2013-6-19)-Shanghai Metals Market

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Spot Copper Price Movement (2013-6-19)

Price Review & Forecast 02:55:27PM Jun 19, 2013 Source:SMM

SHANGHAI, Jun. 19 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 120-250/mt over SHFE 1307 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 51,400-51,450/mt, and RMB 51,500-51,600/mt for high-quality copper. SHFE 1310 copper contract extended losses. Supply of imported copper was ample due to rising SHFE/LME copper price ratio. As a result, holders of domestic copper were forced to cut premium. Middlemen largely held to the sidelines, while downstream producers purchased as needed. Pessimism permeated the market.
 

Spot Copper Price Movement (2013-6-19)

Price Review & Forecast 02:55:27PM Jun 19, 2013 Source:SMM

SHANGHAI, Jun. 19 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 120-250/mt over SHFE 1307 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 51,400-51,450/mt, and RMB 51,500-51,600/mt for high-quality copper. SHFE 1310 copper contract extended losses. Supply of imported copper was ample due to rising SHFE/LME copper price ratio. As a result, holders of domestic copper were forced to cut premium. Middlemen largely held to the sidelines, while downstream producers purchased as needed. Pessimism permeated the market.