Spot Copper Price Movement (2013-10-8)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Production data
  • Macroeconomics
  • Market commentary
  • Morning comments
  • Aluminium
  • Copper
  • Stainless steel
  • Mengtai Group
  • Nickel
  • Futures movement
  • In the United States
  • trade negotiations

Spot Copper Price Movement (2013-10-8)

Price Review & Forecast 02:18:25PM Oct 08, 2013 Source:SMM

SHANGHAI, Oct. 8 (SMM) – Spot copper in Shanghai was offered at a contango of RMB 0-20/mt and a backwardation of RMB 0-120/mt over SHFE 1310 copper contract on Tuesday. Traded prices were RMB 52,650-52,730/mt for standard-quality copper, and RMB 52,730-52,850/mt for high-quality copper. Cargo holders offered at a backwardation as delivery of SHFE current-month copper contracts is approaching. As much as downstream producers wanted to replenish stocks following the week-long holiday, their purchasing volumes were limited out of fear that transportation networks may be interrupted by the ongoing typhoon. As a result, backwardation narrowed later. Traders largely watched from the sidelines.  
    
 

Price

more
#1 Refined Cu
Oct.17
46700.0
-215.0
(-0.46%)
Standard-Grade Copper
Oct.17
46690.0
-215.0
(-0.46%)
High-Grade Copper
Oct.17
46705.0
-220.0
(-0.47%)
Guixi copper
Oct.17
46710.0
-220.0
(-0.47%)
Low-quality copper
Oct.17
46655.0
-220.0
(-0.47%)

Spot Copper Price Movement (2013-10-8)

Price Review & Forecast 02:18:25PM Oct 08, 2013 Source:SMM

SHANGHAI, Oct. 8 (SMM) – Spot copper in Shanghai was offered at a contango of RMB 0-20/mt and a backwardation of RMB 0-120/mt over SHFE 1310 copper contract on Tuesday. Traded prices were RMB 52,650-52,730/mt for standard-quality copper, and RMB 52,730-52,850/mt for high-quality copper. Cargo holders offered at a backwardation as delivery of SHFE current-month copper contracts is approaching. As much as downstream producers wanted to replenish stocks following the week-long holiday, their purchasing volumes were limited out of fear that transportation networks may be interrupted by the ongoing typhoon. As a result, backwardation narrowed later. Traders largely watched from the sidelines.