Spot Copper Price Movement (2013-10-15)-Shanghai Metals Market

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Spot Copper Price Movement (2013-10-15)

Price Review & Forecast 02:02:27PM Oct 15, 2013 Source:SMM

SHANGHAI, Oct. 15 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-130/mt and a backwardation of RMB 0-50/mt over SHFE 1310 copper contract on Tuesday. Traded prices were RMB 52,320-52,380/mt for standard-quality copper, and RMB 52,440-52,580/mt for high-quality copper. The price spread between SHFE 1310 and 1311 copper contracts narrowed to less than RMB 100/mt, prompting some to sell at lower prices. High-quality copper was quoted flat with SHFE current-month contracts, while standard-quality copper was offered at contango. Lower prices enticed some traders to go bargain hunting. However, offers rose in the second trading session, deterring downstream producers from buying.   
    
 

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Spot Copper Price Movement (2013-10-15)

Price Review & Forecast 02:02:27PM Oct 15, 2013 Source:SMM

SHANGHAI, Oct. 15 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-130/mt and a backwardation of RMB 0-50/mt over SHFE 1310 copper contract on Tuesday. Traded prices were RMB 52,320-52,380/mt for standard-quality copper, and RMB 52,440-52,580/mt for high-quality copper. The price spread between SHFE 1310 and 1311 copper contracts narrowed to less than RMB 100/mt, prompting some to sell at lower prices. High-quality copper was quoted flat with SHFE current-month contracts, while standard-quality copper was offered at contango. Lower prices enticed some traders to go bargain hunting. However, offers rose in the second trading session, deterring downstream producers from buying.