Spot Copper Price Movement (2013-10-10)

Price Review & Forecast 01:38:03PM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-80/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Thursday. Traded prices were RMB 51,820-51,880/mt for standard-quality copper, and RMB 51,930-52,050/mt for high-quality copper. SHFE copper extended declines. Spot copper suppliers held offers flat with previous two days. The SHFE/LME copper price ratio rose further, favorable for copper imports. Holders of imported standard-quality copper cut offers against growing supply. Prices for hydro-copper rose due to limited supply, allowing its price gap with standard-quality copper to narrow. Downstream producers built up only small amounts of stocks.  
    
 

Spot Copper Price Movement (2013-10-10)

Price Review & Forecast 01:38:03PM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-80/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Thursday. Traded prices were RMB 51,820-51,880/mt for standard-quality copper, and RMB 51,930-52,050/mt for high-quality copper. SHFE copper extended declines. Spot copper suppliers held offers flat with previous two days. The SHFE/LME copper price ratio rose further, favorable for copper imports. Holders of imported standard-quality copper cut offers against growing supply. Prices for hydro-copper rose due to limited supply, allowing its price gap with standard-quality copper to narrow. Downstream producers built up only small amounts of stocks.