Spot Copper Price Movement (2013-7-3)

SHANGHAI, Jul. 3 (SMM) – Spot copper in Shanghai was offered at a discount of RMB 0-20/mt and premium of RMB 0-100/mt over SHFE 1307 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 50,550-50,650/mt, and RMB 50,600-50,800/mt for high-quality copper. Spot copper supply was limited. Some speculators continued to buy spot copper, especially high-quality copper, and sell SHFE copper. As a result, premium of high-quality copper rose from RMB 40-60/mt to RMB 80-100/mt. Prices of standard-quality copper, however, remained at a discount over SHFE current-month copper contract prices. Speculative activities diminished after copper prices rose appreciably near mid-day. Downstream producers generally held to a wait-and-see stance.