Spot Copper Price Movement (2013-7-9)

SHANGHAI, Jul. 9 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 0-140/mt over SHFE 1307 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 49,680-49,920/mt, and RMB 49,760-50,080/mt for high-quality copper. SHFE copper staged a strong rally. The price spread among different brands of spot copper widened. High-quality copper still gained favor, allowing holders to hold offers at a premium of SHFE 1307 copper contract prices. Suppliers of standard-quality copper and hydro-copper were forced to cut offers, though. Middlemen evinced lower buying interest on their belief that prices will fall in the future. Downstream producers lost interest once copper prices neared RMB 50,000/mt.