Spot Copper Price Movement (2014-3-20)

SHANGHAI, Mar. 20 (SMM) – Copper was offered at a premium of RMB 0-100/mt over SHFE current-month copper contract prices in Shanghai on Thursday. Traded prices were RMB 45,650-45,780/mt for standard-quality copper and RMB 45,700-45,880/mt for high-quality copper. After SHFE copper prices rebounded dramatically on Thursday, a majority of cargo holders offered high prices to push spot premium higher, but received little recognition in the market. An increasing number of downstream producers stayed out of the market, awaiting guidance from clearer SHFE copper price movements.