SMM Copper Market Daily Review (2013-6-27)

 

Spot copper in Shanghai was offered at a discount of RMB 20-180/mt over SHFE 1307 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 49,000-49,250/mt, and RMB 49,100-49,350/mt for high-quality copper. SHFE 1310 copper contract drifted higher after a low opening.  Cargo holders continued to aggressively move goods to generate cash, with offers lower than SHFE current-month copper contract prices. SHFE copper fell back from highs during the second trading session, stimulating a few middlemen to sell SHFE copper while buy spot copper. Downstream purchasing remained on an as-needed basis. In the afternoon, discounts for spot copper remained stable at RMB 50-150/mt, with traded prices at RMB 49,000-49,200/mt.