SMM Copper Market Daily Review (2013-11-7)

 

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. 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. In the afternoon, some sellers in spot markets lowered quotations, but others held prices firm, leaving quotes in the market unchanged. Traded prices rose to RMB 51,550-51,700/mt. Supplies increased, and transactions remained modest.