Spot Copper Price Movement (2014-6-12)

SHANGHAI, June 12 (SMM) – In the Shanghai physical market, copper was offered Thursday at a RMB 120-200/mt over the SHFE front-month copper contract. Traded prices were RMB 48,540-48,780/mt for standard-quality copper and RMB 48,580-48,840/mt for high-quality copper. After the SHFE 1406 lead contract prices rebounded sharply by more than RMB 100/mt, some middlemen entered the market to buy to satisfy demand from long-term contracts. Cargo holders were reluctant to move goods to hold prices firm. Physical premiums rallied appreciably due to decreasing supply, with standard-quality copper barely found in the market. Meanwhile, downstream producers mostly stayed on the sidelines, regarding copper prices as too high. Trading activity was quite on Thursday, with most transactions done among middlemen.