Spot Copper Price Movement (2013-6-24)

SHANGHAI, Jun. 24 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 80-200/mt over SHFE 1307 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 49,500-49,620/mt, and RMB 49,550-49,700/mt for high-quality copper. SHFE 1310 copper contract drifted lower after a high opening, driving cargo holders to move goods at highs. Ample supply caused spot premium to narrow. Middlemen and downstream producers purchased only on an as-needed basis against liquidity crunch at the end of mid-year.