Spot Copper Price Movement (2014-4-4)

SHANGHAI, Apr. 4 (SMM) –  In the Shanghai physical market, copper was offered Friday at a premium of RMB 250-340/mt over the SHFE current-month copper contract prices. Traded prices were RMB 47,150-47,370/mt for standard-quality copper and RMB 47,200-47,430/mt for high-quality copper. As SHFE copper prices bounced back, cargo holders continued to push up spot premiums. Prices for standard-quality copper and hydro-copper were firm due to short supply, and moved closer to those for high-quality copper. As spot premiums rose above RMB 300/mt and the price gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract widened, the market saw an increasing amount of copper supply. Middlemen rarely entered the market due to caution towards spot premiums in the near term, as well as to avoid risks before the Tomb Sweeping Day holiday. Downstream producers purchased goods Friday only on an as-needed basis, with moderate trading volumes.