Spot Copper Price Movement (2013-11-4)

SHANGHAI, Nov. 4 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 30-140/mt over SHFE 1311 copper contract on Monday. Traded prices were RMB 51,630-51,970/mt for standard-quality copper, and RMB 51,700-52,070/mt for high-quality copper. Falling SHFE copper left spot copper suppliers anxious to sell, so contango narrowed only slightly. Trading was thin early in the morning, but became even thinner during the second trading session. This is because sharply falling SHFE copper turned buyers in spot market even more bearish over future prices. Meanwhile, tight liquidity also undermined buying interest.