Spot Copper Price Movement (2013-10-17)-Shanghai Metals Market

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Spot Copper Price Movement (2013-10-17)

Price Review & Forecast 01:50:26PM Oct 17, 2013 Source:SMM

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.   
 
 

Price

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#1 Refined Cu
May.24
47010.0
210.0
(0.45%)
Aluminum Ingot
May.24
14230.0
70.0
(0.49%)
#1 Lead
May.24
16300.0
100.0
(0.62%)
0# Zinc
May.24
20600.0
-160.0
(-0.77%)
#1 Tin Ingot
May.24
143500.0
-500.0
(-0.35%)

Spot Copper Price Movement (2013-10-17)

Price Review & Forecast 01:50:26PM Oct 17, 2013 Source:SMM

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.