Spot Copper Price Movement (2013-7-23)

SHANGHAI, Jul. 23 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 160-400/mt over SHFE 1308 copper contract prices on Tuesday. Traded prices for standard-quality copper were between RMB 51,150-51,250/mt, and RMB 51,320-51,480/mt for high-quality copper. SHFE 1311 copper contract drifted higher after a high opening. The price gap between standard-quality copper and high-quality copper widened further. Middlemen became reluctant to buy once prices rose above RMB 51,000/mt. Premium of RMB 400-420/mt was reported only for Guixi copper. Holders of standard-quality copper cut premium to RMB 160/mt from RMB 200/mt. Higher prices deterred downstream producers from buying. Market players are worried that copper prices may fall back following several consecutive days of gains given the anemic downstream demand.