Spot Copper Price Movement (2013-10-14)

Price Review & Forecast 01:13:20PM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-100/mt and a backwardation of RMB 0-80/mt over SHFE 1310 copper contract on Monday. Traded prices were RMB 52,070-52,150/mt for standard-quality copper, and RMB 52,150-52,330/mt for high-quality copper. SHFE copper swung violently in early morning session, but later held stable. Cargo holders were anxious to sell, causing backwardation to narrow. Contango of standard-quality and low-end hydro copper, in particular, expanded. Some speculators bought spot copper while selling SHFE copper after the price gap between SHFE 1310 and 1311 copper contracts narrowed to less than RMB 100/mt. Downstream producers seldom entered the market.  
  
    
 

Spot Copper Price Movement (2013-10-14)

Price Review & Forecast 01:13:20PM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-100/mt and a backwardation of RMB 0-80/mt over SHFE 1310 copper contract on Monday. Traded prices were RMB 52,070-52,150/mt for standard-quality copper, and RMB 52,150-52,330/mt for high-quality copper. SHFE copper swung violently in early morning session, but later held stable. Cargo holders were anxious to sell, causing backwardation to narrow. Contango of standard-quality and low-end hydro copper, in particular, expanded. Some speculators bought spot copper while selling SHFE copper after the price gap between SHFE 1310 and 1311 copper contracts narrowed to less than RMB 100/mt. Downstream producers seldom entered the market.