Spot Copper Price Movement (2013-7-19)

SHANGHAI, Jul. 19 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 120-380/mt over SHFE 1308 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 50,580-50,650/mt, and RMB 50,750-50,920/mt for high-quality copper. Demand for high-quality copper grew significantly as delivery of copper signed on a long-term basis is approaching, allowing cargo holders to demand higher prices. Downstream producers continued to buy on an as-needed basis. Prices of imported standard-quality copper and hydro-copper were mired due to plentiful supply, which were RMB 250/mt lower than high-quality copper prices. Premium of high-quality copper is set to remain high next week.