Spot Copper Price Movement (2013-7-1)

SHANGHAI, Jul. 1 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 0-100/mt and premium of RMB 0-20/mt over SHFE 1307 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 49,280-49,420/mt, and RMB 49,350-49,520/mt for high-quality copper. SHFE copper trended up after a high opening. Cargo holders demanded higher prices now that liquidity crunch has eased some with the start of the new month, narrowing spot discounts. However, consumption remained sluggish as liquidity remained tight before mid-day and since market players doubt whether or not the rally in copper prices will be sustainable. Most are optimistic over copper prices tomorrow, though.