Spot Copper Price Movement (2014-4-29)

SHANGHAI, Apr. 29 (SMM) – In the Shanghai physical market, copper was offered Tuesday at premiums of RMB 580-800/mt over the nearby SHFE contract. Traded prices were RMB 49,700-49,880/mt for standard-quality copper and RMB 49,850-50,050/mt for high-quality copper. After SHFE copper prices fell from highs, cargo holders significantly ramped up deliveries to raise cash ahead of the May Day holiday, with physical premiums down sharply. Speculators were cautious in entering the market, while downstream producers increased purchases. Supply growth, however, exceeded demand growth Tuesday, fueling angst among investors.