Spot Copper Price Movement (2013-11-7)

SHANGHAI, Nov. 7 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-50/mt and a backwardation of RMB 0-50/mt over SHFE 1311 copper contract on Thursday. Traded prices were RMB 51,440-51,520/mt for standard-quality copper, and RMB 51,480-51,600/mt for high-quality copper. High-quality copper was offered at a backwardation. Suppliers held back goods at low prices. Some traders went bargain hunting in the morning, while downstream producers purchased on an as-needed basis.