Spot Copper Price Movement (2014-6-10)

SHANGHAI, June 10 (SMM) – In the Shanghai physical market, copper was offered Tuesday between a RMB 20/mt discount and a RMB 100/mt premium over the SHFE front-month copper contract. Traded prices were RMB 48,350-48,400/mt for standard-quality copper and RMB 48,400-48,500/mt for high-quality copper. As SHFE copper prices extended losses on Tuesday, cargo holders continued to raise cash at high prices, with sufficient physical copper in the market. Prices for standard-quality copper have fallen below those for the SHFE 1406 copper contract, while prices for hydro-copper held firm due to tight supply. The market remained dominated by high-quality copper. Some middlemen entered the market to hunt for bargains, while downstream producers purchased goods only to need, leaving modest transactions.