Spot Copper Price Movement (2014-3-18)

SHANGHAI, Mar. 18 (SMM) – Copper was quoted on Tuesday between a discount of RMB 60/mt and a premium of RMB 30/mt in the Shanghai physical market. Traded prices were RMB 44,820-45,280/mt for standard-quality copper and RMB 44,900-45,380/mt for high-quality copper. As SHFE copper prices rebounded, cargo holders offered spot copper between a discount of RMB 30/mt and a premium of RMB 30/mt, while some middlemen entered the market at suitable time, with trading activity turning brisk. SHFE copper prices later rallied by nearly RMB 600/mt, and spot copper was offered lower between a discount of RMB 60/mt and a premium of RMB 20/mt. SHFE current-month copper prices were regarded as too high above the RMB 45,350/mt mark, with few quotations in the market. Hydro-copper supply gradually flowed in the physical market, with increasing trading activity, but spot copper premium is not expected to last long.