Spot Copper Price Movement (2013-11-11)

SHANGHAI, Nov. 11 (SMM) – Spot copper in Shanghai was quoted at a backwardation of RMB 0-100/mt over SHFE 1311 copper contract on Monday. Traded prices were RMB 51,730-51,790/mt for standard-quality copper, and RMB 51,780-51,870/mt for high-quality copper. Cargo holders quoted at a backwardation now that delivery of SHFE current-month copper contracts is approaching. High-quality copper was at a price advantage over standard-quality copper. Tight supply allowed holders of hydro-copper to hold offers firm. Downstream producers purchased as needed against higher quotations.