Spot Copper Price Movement (2014-4-21)

SHANGHAI, Apr. 21 (SMM) – In the Shanghai physical market, copper was offered Monday at a premium of RMB 800-920/mt over the nearby SHFE copper contract. Traded prices were RMB 48,100-48,200/mt for standard-quality copper and RMB 48,140-48,300/mt for high-quality copper. Trading remained suspended Monday on the London Metal Exchange. Physical supply was still limited, with prices for high-quality copper held firm and premiums up further. As SHFE copper prices staged a rally by the midday, copper premiums narrowed, but were still elevated. Downstream producers barely entered the market after restocking last Friday, while middlemen mostly conducted short-term trading, with sluggish trading activity. Physical premiums are expected to rise as high as around RMB 1,000/mt since tight supply has yet fully improved.