Spot Copper Price Movement (2013-11-1)

SHANGHAI, Nov. 1 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 30-170/mt over SHFE 1311 copper contract on Friday. Traded prices were RMB 51,900-51,980/mt for standard-quality copper, and RMB 52,000-52,120/mt for high-quality copper. SHFE copper staged a mild rally on positive China manufacturing PMI. Cargo holders raised offers as liquidity has increased with the start of the new month and since weekend is approaching. However, contango narrowed only marginally since tightness in liquidity did not ease substantially. Traders were more interested in buying, while downstream producers purchased only as needed. It is widely expected among market players that contango will narrow further in the coming week.