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

Hot Keywords

  • Zinc
  • Aluminium
  • Copper
  • Copper scrap
  • Steel
  • Market commentary
  • Nickel
  • Lead
  • Alumina
  • Stainless steel
  • Evening comments
  • price forecast
  • Morning comments
  • MMi Iron Ore Port Index
  • Inventory data

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
May.21
47800.0
5.0
(0.01%)
Standard-Grade Copper
May.21
47770.0
5.0
(0.01%)
High-Grade Copper
May.21
47825.0
0.0
(0.00%)
Guixi copper
May.21
47835.0
5.0
(0.01%)
Low-quality copper
May.21
47690.0
0.0
(0.00%)

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.