Spot Copper Price Movement (2013-7-16)

SHANGHAI, Jul. 16 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 100-230/mt over SHFE 1308 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 50,420-50,620/mt, and RMB 50,500-50,780/mt for high-quality copper. Cargo holders hiked spot premium now that SHFE 1308 copper contracts have become the new current-month contract. Speculators were hunting for lower-priced high-quality copper early in the morning. Downstream producers shied away from higher prices after copper prices rose by almost RMB 300/mt in the second trading session. Speculators will continue to contribute most to trading since July is an off-season for copper consumption.