Spot Copper Price Movement (2013-10-17)

SHANGHAI, Oct. 17 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-60/mt and a backwardation of RMB 0-80/mt over SHFE 1311 copper contract on Thursday. Traded prices were RMB 52,250-52,350/mt for standard-quality copper, and RMB 52,280-52,550/mt for high-quality copper. SHFE copper drifted lower after a high opening, leaving spot copper suppliers anxious to sell. This caused backwardation to narrow. SHFE copper dropped further during the second trading session, but holders of high-quality copper actually raised offers. The price gap between different brands of standard-quality copper exceeded RMB 30/mt. Downstream producers stayed out of the market against falling SHFE copper.