Spot Copper Price Movement (2014-3-26)

SHANGHAI, Mar. 26 (SMM) – Spot copper was offered on Wednesday at a premium of RMB 140-200/mt in the Shanghai physical market. Traded prices were RMB 46,370-46,470/mt for standard-quality copper and RMB 46,400-46,530/mt for high-quality copper. As SHFE copper prices extended gains, cargo holders turned more bullish towards copper prices. Spot premiums were quoted higher due to shortage of spot copper supply since some hedged goods encountered difficult moving out. Guixi copper was offered at a premium of more than RMB 200/mt after SHFE copper prices rose slightly by the midday, but caution dominated the market at such high prices. Downstream producers purchased only as needed, while middlemen traded briskly on Wednesday. Most market participants believe there is still upside room for copper prices and spot premium.