Spot Copper Price Movement (2013-6-20)

SHANGHAI, Jun. 20 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 120-250/mt over SHFE 1307 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 50,650-50,730/mt, and RMB 50,730-50,950/mt for high-quality copper. SHFE 1310 copper contract retreated from RMB 50,000/mt, causing markets to panic. Cargo holders rushed to sell as a result, but downstream producers purchased to orders out of growing pessimism, leaving supply in excess of demand.