Spot Copper Price Movement (2014-6-19)

SHANGHAI, June 19 (SMM) – In the Shanghai physical market, copper was offered Thursday at a RMB 420-640/mt premium over the SHFE front-month copper contract. Traded prices were RMB 48,950-49,150/mt for standard-quality copper and RMB 49,100-49,300/mt for high-quality copper. Despite weakness in SHFE copper prices, cargo holders continued to hold prices firm. A large number of middlemen entered the market to hunt for bargains after SHFE copper prices fell by nearly RMB 300/mt subsequently. Physical copper prices also declined below RMB 49,000/mt at one stage, with improving trading activity.