Spot Copper Price Movement (2013-7-12)

SHANGHAI, Jul. 12 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-100/mt and premium of RMB 0-20/mt over SHFE 1307 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 50,800-50,920/mt, and RMB 50,880-51,050/mt for high-quality copper. SHFE copper moved lower after a high opening. Cargo holders were anxious to sell at discount to raise cash. Middlemen lost interest as the price gap between SHFE 1307 and 1308 copper contract expanded. Downstream producers largely bought only to need.