Spot Copper Price Movement (2014-6-18)

SHANGHAI, June 18 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a RMB 400-580/mt premium over the SHFE front-month copper contract. Traded prices were RMB 49,200-49,250/mt for standard-quality copper and RMB 49,300-49,450/mt for high-quality copper. Despite a fall in SHFE copper prices, cargo holders continued to hold prices firm, with physical premiums little changed. Downstream producers began entering the market to purchase low-price goods following the delivery date. Standard-quality copper and hydro-copper both were quoted at firm prices since they gained favor with market players on Wednesday. Middlemen also entered the market, with trading activity improving slightly. Physical premiums are not expected to fall in the near term.