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.  
    
 

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.