Spot Copper Price Movement (2014-3-27)

SHANGHAI, Mar. 27 (SMM) – In the Shanghai physical market, copper was offered on Thursday at a premium of RMB 140-200/mt over SHFE current-month copper contracts. Traded prices were between RMB 46,300-46,350/mt for standard-quality copper and RMB 46,320-46,420/mt for high-quality copper. As SHFE copper prices lacked impetus to rebound, cargo holders moved goods to generate cash at high prices. Since market participants regarded the RMB 200/mt premium as too high, high-quality copper prices failed to rise further. Although price gap between standard-quality copper and high-quality copper narrowed to less than RMB 50/mt, middlemen traded less actively than Wednesday. Meanwhile, downstream producers purchased goods only as needed on Thursday.