Spot Copper Price Movement (2013-6-26)

SHANGHAI, Jun. 26 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 0-100/mt and premium of RMB 0-40/mt over SHFE 1307 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 48,820-49,350/mt, and RMB 48,900-49,500/mt for high-quality copper. SHFE 1310 copper contract opened almost RMB 1,000/mt higher. Cargo holders cut quotes against tepid demand. Quotations were lower than SHFE 1307 copper contract prices after the most active SHFE copper contract gave back all the gains made during the morning session, with high-quality copper offered at RMB 20/mt lower than SHFE current-month copper contract. Middlemen and downstream producers largely refrained from buying against tightening liquidity.