Spot Copper Price Movement (2013-6-21)-Shanghai Metals Market

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Spot Copper Price Movement (2013-6-21)

Price Review & Forecast 01:43:24PM Jun 21, 2013 Source:SMM

SHANGHAI, Jun. 21 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 100-300/mt over SHFE 1307 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 49,600-50,250/mt, and RMB 49,680-50,300/mt for high-quality copper. SHFE 1310 copper contract trimmed more than 2% in the morning, causing traders to actively move goods. Middlemen went bargain hunting, but sold goods after copper prices rebounded. This caused spot copper supply to surge, pushing premium down. High-quality copper was offered RMB 150-180/mt higher than SHFE 1307 copper contract, while standard-quality copper was quoted at a premium of RMB 0-120/mt over SHFE current-month copper contract. There was a price gap of close to RMB 1,000/mt for the same variety of copper. Later, market turned quiet. 

 

Spot Copper Price Movement (2013-6-21)

Price Review & Forecast 01:43:24PM Jun 21, 2013 Source:SMM

SHANGHAI, Jun. 21 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 100-300/mt over SHFE 1307 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 49,600-50,250/mt, and RMB 49,680-50,300/mt for high-quality copper. SHFE 1310 copper contract trimmed more than 2% in the morning, causing traders to actively move goods. Middlemen went bargain hunting, but sold goods after copper prices rebounded. This caused spot copper supply to surge, pushing premium down. High-quality copper was offered RMB 150-180/mt higher than SHFE 1307 copper contract, while standard-quality copper was quoted at a premium of RMB 0-120/mt over SHFE current-month copper contract. There was a price gap of close to RMB 1,000/mt for the same variety of copper. Later, market turned quiet.