Spot Copper Price Movement (2013-7-29)

SHANGHAI, Jul. 29 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 120-350/mt over SHFE 1308 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 49,800-50,000/mt, and RMB 49,950-50,150/mt for high-quality copper. Although SHFE 1311 copper contract prices fell by over RMB 1,000/mt, spot copper premium grew. Prices of high-quality copper were more than RMB 200/mt higher than those of standard-quality copper. Middlemen entered the market for purchasing and downstream producers became more willing to buy once copper prices fell below RMB 50,000/mt, improving overall trading.