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.   
    
 

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.