Spot Copper Price Movement (2013-10-30)

Price Review & Forecast 01:31:05PM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 50-180/mt over SHFE 1311 copper contract on Wednesday. Traded prices were RMB 51,750-51,850/mt for standard-quality copper, and RMB 51,800-52,000/mt for high-quality copper. SHFE copper rose further after a high opening. Contango expanded after SHFE copper rose, especially for high-quality copper. Traders with stronger balance sheet chose to buy spot copper while selling SHFE copper. The end-of-month liquidity crunch deterred downstream producers from entering the market.
 

Spot Copper Price Movement (2013-10-30)

Price Review & Forecast 01:31:05PM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 50-180/mt over SHFE 1311 copper contract on Wednesday. Traded prices were RMB 51,750-51,850/mt for standard-quality copper, and RMB 51,800-52,000/mt for high-quality copper. SHFE copper rose further after a high opening. Contango expanded after SHFE copper rose, especially for high-quality copper. Traders with stronger balance sheet chose to buy spot copper while selling SHFE copper. The end-of-month liquidity crunch deterred downstream producers from entering the market.