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Spot Copper Price Movement (2014-6-13)
Jun 13,2014 13:34CST
price review forecast
Source:SMM
In the Shanghai physical market, copper was offered Friday at a RMB 200-320/mt premium over the SHFE front-month copper contract.

SHANGHAI, June 13 (SMM) – In the Shanghai physical market, copper was offered Friday at a RMB 200-320/mt premium over the SHFE front-month copper contract. Traded prices were RMB 48,950-49,120/mt for standard-quality copper and RMB 49,020-49,200/mt for high-quality copper. The SHFE front-month copper contract rose sharply on Friday, sending the price gap between the SHFE 1406 and 1407 copper contracts up to RMB 800/mt. This gave cargo holders an incentive to move goods at higher premiums. Standard-quality was still rarely found in the market during the morning trading, but physical supply increased by the midday as the price gap narrowed to RMB 600/mt. Middlemen expressed modest buying interest, and some cargo holders stayed on the sidelines, expecting higher premiums after the delivery date. Meanwhile, downstream producers were reluctant to buy at prices above RMB 49,000/mt, with trading activity being quite on Friday.
 

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