Spot Copper Price Movement (2014-4-30)

SHANGHAI, Apr. 30 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a premium of RMB 800-1,080/mt over the nearby SHFE contract. Traded prices were RMB 49,540-49,680/mt for standard-quality copper and RMB 49,640-49,880/mt for high-quality copper. As SHFE copper prices traded in a narrow range, cargo holders intended to push up physical premiums in the last trading day ahead of the May Day holiday. Copper traded mostly at a premium between RMB 900-1,080/mt since the beginning the morning trading. Middlemen subsequently ramped up deliveries to raise cash for risk aversion before the holiday, dragging down premiums to RMB 800-900/mt by the midday. Downstream producers purchased goods in limited amounts Wednesday following restocking activity Tuesday. Trading activity is expected to turn lighter in the afternoon trading, with narrower premiums.