Spot Copper Price Movement (2014-4-9)

SHANGHAI, Apr. 9 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a premium of RMB 190-280/mt. Traded prices were RMB 47,480-47,540/mt for standard-quality copper and RMB 47,540-47,620/mt for high-quality copper. SHFE copper prices lacked impetus to bounce back, while losses from copper imports also narrowed after the SHFE/LME copper price ratio recovered. As the delivery date neared, the price gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract also expanded to some RMB 300/mt. As a result, a large number of cargo holders sold off goods, with a variety of copper brands available in the market. Physical premiums narrowed abruptly, but hydro-copper prices were virtually the same as those for standard-quality copper. Downstream producers purchased goods only on an as-needed basis. Middlemen largely bought physical copper and sold futures on Wednesday.