Spot Copper Price Movement (2014-4-17)

SHANGHAI, Apr. 17 (SMM) – In the Shanghai physical market, copper was offered Thursday at a RMB 580-720/mt premium to the SHFE current-month contract. Traded prices were RMB 47,720-47,820/mt for standard-quality copper and RMB 47,800-47,920/mt for high-quality copper. As SHFE copper prices rebounded, cargo holders continued to push up physical premiums on a view that supply will remain comparatively tight this week. Some speculators still entered the market to purchase goods, but downstream producers sat tight temporarily, leaving traded volumes less than Wednesday’s level.