Spot Copper Price Movement (2014-4-16)

SHANGHAI, Apr. 16 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a RMB 480-600/mt premium to the nearby SHFE contract. Traded prices were RMB 47,340-47,420/mt for standard-quality copper and RMB 47,420-47,520/mt for high-quality copper. China’s Q1 GDP came in as disappointing as expected, while SHFE copper prices also followed LME copper prices down sharply. Cargo holders pushed up physical premiums to highs again. Middlemen barely entered the market with limited room for speculation, while downstream producers ramped up purchases, helping improve transactions.