Spot Copper Price Movement (2014-3-25)

SHANGHAI, Mar. 25 (SMM) – Copper was offered on Monday at a premium of RMB 80-170/mt over SHFE current-month copper contract prices in the Shanghai market. Traded prices were RMB 45,550-46,100/mt for standard-quality copper and RMB 45,600-46,200/mt for high-quality copper. As SHFE copper prices traded in small swings during the morning trading session, cargo holders move goods steadily. Prices for standard-quality copper rose due to tight supply, and high-quality copper was sold at a higher premium, with downstream producers and middlemen trading briskly. After SHFE copper prices rose by RMB 200/mt, high-quality copper was quoted at a narrower premium of RMB 80-150/mt. SHFE current-month copper contract prices later followed LME copper prices up sharply by RMB 800/mt to touch a high of RMB 46,460/mt, leaving spot trading muted. Downstream producers and middlemen were cautious in buying goods at high prices. A rebound in SHFE copper prices, however, boosted market confidence in sustained spot premiums. Spot premiums of goods traded with invoices were around RMB 30/mt higher than those of goods traded without invoices on Tuesday.