Spot Copper Price Movement (2014-3-10)

SHANGHAI, Mar. 10 (SMM) – Spot copper was offered at a discount of RMB 0-140/mt in the Shanghai physical market on Monday. Traded prices were RMB 46,440-46,540/mt for standard-quality copper and RMB 46,480-46,660/mt for high-quality copper. Dragged down by a fall of USD 300/mt in LME copper prices, SHFE cooper contracts, except for SHFE 1403 copper contract, all suspended trading due to steep declines. Cargo holders tried to quote copper prices at a premium in the morning, but confronted low recognition in the market, with spot copper trading back at a discount. Middlemen were hampered to enter the market by trading suspension for SHFE copper contracts, while downstream producers stepped up bargain-hunting. Cargo holders with long term orders started employing SHFE copper prices as their settle prices, bolstering trading for SHFE 1405 copper contract. A majority of investors were bearish on copper prices in the future after copper prices fell below key support levels, and stayed on the sidelines on Monday.