Spot Copper Price Movement (2013-7-25)

SHANGHAI, Jul. 25 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 100-350/mt over SHFE 1308 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 50,900-51,050/mt, and RMB 51,100-51,300/mt for high-quality copper. Cargo holders became more willing to sell against tightening liquidity on the last day of the delivery of copper signed on a long-term basis, sending premium down. Prices of imported standard-quality copper, in particular, fell most sharply. Middlemen and downstream producers stayed out of the market. Prices including VAT are RMB 30/mt higher, and this situation will last till the end of this month. Spot premium will drop as well.