Spot Copper Price Movement (2013-7-8)

SHANGHAI, Jul. 8 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-20/mt and premium of RMB 0-140/mt over SHFE 1307 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 49,440-49,660/mt, and RMB 49,540-49,840/mt for high-quality copper. SHFE copper trimmed almost 1% after a low opening, driving some speculators to buy spot copper and sell SHFE copper. High-quality copper gained favor, with premium in excess of RMB 100/mt. Suppliers of imported copper were eager to move goods now that the SHFE/LME copper price ratio has risen, widening its price gap with high-quality copper. Hydro-copper was sold more than 100/mt lower than SHFE 1307 copper contract prices. Imported standard-quality copper was quoted at a small discount near mid-day, but holders of domestic standard-quality copper still refused to sell at discount. Downstream producers became more interested in buying after copper prices dropped below RMB 50,000/mt, but were still bearish over future prices.