SMM Copper Market Daily Review (2013-10-10)

 

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. Spot copper suppliers held offers flat with previous two days. As the SHFE/LME copper price ratio rose further, favorable for copper imports, holders of imported standard-quality copper cut offers. Prices for hydro-copper increased due to limited supply, allowing its price gap with standard-quality copper to narrow. Downstream producers built up stocks in small amounts, leaving transactions unimproved. In the afternoon, quotes for spot copper remained little changed, but traded prices dropped marginally to RMB 51,800-52,000/mt. Deals were rarely reported, as traders also stayed on the sidelines.