Spot Copper Price Movement (2013-10-24)

SHANGHAI, Oct. 24 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-140/mt over SHFE 1311 copper contract on Thursday. Traded prices were RMB 51,820-51,900/mt for standard-quality copper, and RMB 51,920-52,020/mt for high-quality copper. Upbeat HSBC’s flash China manufacturing PMI helped SHFE copper stop falling after a low opening. Contango narrowed only slightly due to ample supply. Traders and downstream producers became more interested in buying now that prices have fallen below RMB 52,000/mt.