Spot Copper Price Movement (2013-10-29)

SHANGHAI, Oct. 29 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-120/mt over SHFE 1311 copper contract on Tuesday. Traded prices were RMB 51,350-51,500/mt for standard-quality copper, and RMB 51,400-51,650/mt for high-quality copper. SHFE copper moved lower after a low opening. Spot copper suppliers remained anxious to sell at contango. Traders continued to go bargain hunting. Downstream producers, expecting copper prices to fall, refrained from entering the market.