Spot Copper Price Movement (2014-3-13)

SHANGHAI, Mar. 13 (SMM) – Copper was offered on Thursday at a premium of RMB 0-100/mt over SHFE current-month contract prices in the Shanghai market. Traded prices were RMB 44,630-44,730/mt for standard-quality copper and RMB 44,680-44,850/mt for high-quality copper. As SHFE copper prices narrowed their losses, cargo holders pushed up spot copper prices before delivery, and price gap between standard-quality and high-quality copper contracted. Middlemen entered the market to purchase spot copper and sell futures contracts, while downstream producers still stayed on the sidelines, with most transactions done by middlemen. Investors stayed on guard towards volatile copper prices on Thursday.