Spot Copper Price Movement (2013-10-11)

Price Review & Forecast 01:16:59PM Oct 11, 2013 Source:SMM

SHANGHAI, Oct. 11 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-50/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Friday. Traded prices were RMB 52,000-52,200/mt for standard-quality copper, and RMB 52,100-52,350/mt for high-quality copper. Although goods on the market still consisted primarily of imported standard-quality copper, contango of standard-quality copper narrowed some. Cargo holders became anxious to sell after SHFE copper prices fell back near noon, preventing backwardation from rising. Traders preferred high-quality copper. Some downstream producers entered the market, improving trading slightly.  
  
    
 

Spot Copper Price Movement (2013-10-11)

Price Review & Forecast 01:16:59PM Oct 11, 2013 Source:SMM

SHANGHAI, Oct. 11 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-50/mt and a backwardation of RMB 0-100/mt over SHFE 1310 copper contract on Friday. Traded prices were RMB 52,000-52,200/mt for standard-quality copper, and RMB 52,100-52,350/mt for high-quality copper. Although goods on the market still consisted primarily of imported standard-quality copper, contango of standard-quality copper narrowed some. Cargo holders became anxious to sell after SHFE copper prices fell back near noon, preventing backwardation from rising. Traders preferred high-quality copper. Some downstream producers entered the market, improving trading slightly.