Spot Copper Price Movement (2013-7-4)

SHANGHAI, Jul. 4 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-40/mt and premium of RMB 0-60/mt over SHFE 1307 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 50,650-50,750/mt, and RMB 50,700-50,850/mt for high-quality copper. SHFE copper moved lower after a high opening. Cargo holders rushed to sell, causing premium to fall. Premium of high-quality copper dropped to RMB 0-30/mt near mid-day, and standard-quality copper was offered at a discount over SHFE current-month copper contract. Downstream producers bought as needed, and middlemen exhibited low buying interest.