Spot Copper Price Movement (2013-10-22)

SHANGHAI, Oct. 22 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-150/mt and a backwardation of RMB 0-30/mt over SHFE 1311 copper contract on Tuesday. Traded prices were RMB 52,220-52,280/mt for standard-quality copper, and RMB 52,280-52,380/mt for high-quality copper. Tightening cash left cargo holders anxious to sell at lower prices. Those who provide invoices were able to sell at higher prices. Traders went bargain hunting, while downstream producers exhibited low interest.