Home / Metal News / Spot Copper Price Movement (2013-10-16)

Spot Copper Price Movement (2013-10-16)

iconOct 16, 2013 13:24
Source:SMM
Spot copper in Shanghai was quoted at a contango of RMB 0-20/mt and a backwardation of RMB 0-140/mt over SHFE 1311 copper contract on Wednesday.

SHANGHAI, Oct. 16 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-20/mt and a backwardation of RMB 0-140/mt over SHFE 1311 copper contract on Wednesday. Traded prices were RMB 52,350-52,500/mt for standard-quality copper, and RMB 52,430-52,580/mt for high-quality copper. Cargo holders raised offers now that SHFE 1311 copper contracts have shifted to the new current-month contracts, but higher prices deterred buyers from buying. Low buying interest and ample supply compelled suppliers to cut offers, with standard-quality copper quoted at a contango near mid-day. Traders went bargain hunting, while downstream producers purchased only as needed.    
 

Shanghai copper prices

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn