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Spot Copper Price Movement (2014-6-9)
Jun 9,2014 13:31CST
price review forecast
Source:SMM
In the Shanghai physical market, copper was offered Monday at a RMB 120-300/mt premium over the SHFE front-month copper contract.

SHANGHAI, June 9 (SMM) – In the Shanghai physical market, copper was offered Monday at a RMB 120-300/mt premium over the SHFE front-month copper contract. Traded prices were RMB 48,630-49,150 for standard-quality copper and RMB 48,680-49,250/mt for high-quality copper. Market players were immersed in a bearish sentiment as SHFE copper prices were declining. Cargo holders ramped up deliveries, with physical premiums down sharply and the price gap for the same copper brand reaching around RMB 150/mt. Premiums for hydro-copper were quoted at less than RMB 100/mt by the midday. As a result, middlemen showed lower willingness to enter the market, while downstream producers curtailed purchases fearing that prices will fall further. A higher proportion of imported copper was found in the market, with supply significantly exceeding demand, leaving trading muted on Monday. Quotations for copper premiums will face difficulties in hovering above RMB 200/mt in afternoon trading. Cargo holders will mostly sell off goods to generate cash.
 

Physical copper prices

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