Spot Copper Price Movement (2014-3-19)

SHANGHAI, Mar. 19 (SMM) – Copper was offered between a discount of RMB 50/mt and a premium of RMB 50/mt over SHFE current-month copper contract in Shanghai on Wednesday. Traded prices were RMB 44,900-45,060/mt for standard-quality copper and RMB 44,950-45,200/mt for high-quality copper. Cargo holders moved goods at high prices against volatile SHFE copper prices, but were disinclined to trade due to stuttering premiums for high-quality copper. Purchases of standard-quality copper and hydro-copper picked up at low prices. Some large-scale traders purchased certain amount of high-quality copper, while middlemen and downstream producers actively hunted for bargains. Spot copper prices largely hovered around RMB 45,000/mt on Wednesday.