SMM Copper Market Daily Review (2013-11-20)

 

Spot copper in Shanghai was quoted at a premium of RMB 90-190/mt over SHFE 1312 copper contract on Wednesday. Traded prices were RMB 50,680-50,740/mt for standard-quality copper, and RMB 50,740-50,820/mt for high-quality copper. The price spread between standard-quality copper and high-quality copper was limited, but trading was thin. Some traders bought spot copper while selling SHFE copper. Downstream producers stayed out of the market following bargain hunting a day earlier. In the afternoon, cargo holders slightly lower price offers to a premium of RMB 50-180/mt over the SHFE 1312 copper contract. Copper supply increased, with proportion of standard quality copper rising. Transactions were sparse.