Spot Copper Price Movement (2013-10-28)

Price Review & Forecast 01:22:45PM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-100/mt and a backwardation of RMB 0-20/mt over SHFE 1311 copper contract on Monday. Traded prices were RMB 51,630-51,750/mt for standard-quality copper, and RMB 51,680-51,870/mt for high-quality copper. SHFE copper had little upward momentum, driving market players in spot markets into the sidelines. Only Guixi brand copper was offered at a backwardation. A few traders went bargain hunting after SHFE copper fell, while downstream producers still stayed out of the market.
 

Spot Copper Price Movement (2013-10-28)

Price Review & Forecast 01:22:45PM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-100/mt and a backwardation of RMB 0-20/mt over SHFE 1311 copper contract on Monday. Traded prices were RMB 51,630-51,750/mt for standard-quality copper, and RMB 51,680-51,870/mt for high-quality copper. SHFE copper had little upward momentum, driving market players in spot markets into the sidelines. Only Guixi brand copper was offered at a backwardation. A few traders went bargain hunting after SHFE copper fell, while downstream producers still stayed out of the market.