Spot Copper Price Movement (2013-10-9)

Price Review & Forecast 01:41:34PM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – Spot copper in Shanghai was offered at a contango of RMB 0-50/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Wednesday. Traded prices were RMB 52,120-52,450/mt for standard-quality copper, and RMB 52,250-52,620/mt for high-quality copper. Weak demand forced some to cut offers. Standard-quality copper, in particular, was quoted at a contango over SHFE current-month copper contract. SHFE copper fell dramatically near noon, leaving suppliers split over offers. Some held quotations unchanged at the beginning, but later cut quotes. Low-end standard-quality copper was offered RMB 100/mt below SHFE 1310 copper contract. Traders bought spot copper and sold SHFE copper, while downstream producers stayed out of the market.

    
 

Spot Copper Price Movement (2013-10-9)

Price Review & Forecast 01:41:34PM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – Spot copper in Shanghai was offered at a contango of RMB 0-50/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Wednesday. Traded prices were RMB 52,120-52,450/mt for standard-quality copper, and RMB 52,250-52,620/mt for high-quality copper. Weak demand forced some to cut offers. Standard-quality copper, in particular, was quoted at a contango over SHFE current-month copper contract. SHFE copper fell dramatically near noon, leaving suppliers split over offers. Some held quotations unchanged at the beginning, but later cut quotes. Low-end standard-quality copper was offered RMB 100/mt below SHFE 1310 copper contract. Traders bought spot copper and sold SHFE copper, while downstream producers stayed out of the market.