Spot Copper Price Movement (2014-4-24)

SHANGHAI, Apr. 24 (SMM) – In the Shanghai physical market, copper was offered Thursday at a premium of RMB 540-680/mt over the nearby SHFE contract. Traded prices were RMB 48,250-48,400/mt for standard-quality copper and RMB 48,300-48,500/mt for high-quality copper. As SHFE copper prices staged a sharp rebound, cargo holders turned disinclined to move goods in an attempt to push up physical premiums, resulting in a shortage of copper supply. Rising premiums along with SHFE copper prices gave some middlemen incentives to purchase goods, but downstream producers bought goods only on an as-needed basis.