Spot Copper Price Movement (2014-4-3)

SHANGHAI, Apr. 3 (SMM) – In the Shanghai physical market, copper was offered Thursday at a premium of RMB 150-270/mt over the SHFE current-month copper contract. Traded prices were RMB 46,750-46,950/mt for standard-quality copper and RMB 46,830-47,050/mt for high-quality copper. As SHFE copper prices trended lower, cargo holders still managed to trade at the same premiums as Wednesday. SHFE copper prices later snapped their losing streak, with low-priced copper barely found in the market. This, combined with a more than RMB 150/mt gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract, pushed spot premiums higher. Downstream producers purchased goods Thursday only on an as-needed basis.