Spot Copper Price Movement (2013-6-25)

SHANGHAI, Jun. 25 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 30-150/mt over SHFE 1307 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 48,650-48,880/mt, and RMB 48,700-49,050/mt for high-quality copper. SHFE 1310 copper contract extended losses. The SHFE/LME copper price ratio fell sharply, resulting in less imported copper available in the market. Spot premium, however, actually fell as cargo holders were anxious to sell for cash at the month’s end. Downstream producers bought to need at low prices. Market panic will remain.