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Spot Copper Price Movement (2014-3-14)
Mar 14,2014 13:27CST
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Source:SMM
Copper was quoted at a premium of RMB 30-150/mt over SHFE current-month copper contract in Shanghai on Friday.

SHANGHAI, Mar. 14 (SMM) – Copper was quoted at a premium of RMB 30-150/mt over SHFE current-month copper contract in Shanghai on Friday. Traded prices were RMB 44,250-44,300/mt for standard-quality copper and RMB 44,280-44,400/mt for high-quality copper. Cargo holders were disinclined to move goods since SHFE 1403 copper contract remained RMB 100/mt lower than SHFE 1404 copper contract which is about to be the most active contract. High-quality copper supply thus decreased, keeping quotations firm and pushing up spot premiums. As price gap between these two contracts narrowed, high-quality copper supply flowed in the market, but standard-quality copper and hydro-copper supply decreased at the same time. As a result, price gap between high-quality copper and inferior copper contracted, so middlemen entered the market to hunt for bargains. Downstream producers had slightly higher buying interest, with trading activity better than Thursday. Investors mostly stayed on the sidelines before the shift of the most active SHFE copper contract due next week.
 

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