Spot Copper Price Movement (2014-6-24)

SHANGHAI, June 24 (SMM) – In the Shanghai physical market, copper was offered Tuesday at a RMB 350-580/mt premium over the SHFE front-month copper contract. Traded prices were RMB 50,150-50,250/mt for standard-quality copper and RMB 50,300-50,450/mt for high-quality copper. As a rebound in SHFE copper prices met resistance and cash flows tightened at the mid-year point, cargo holders stepped up moving goods to raise cash, inflating copper supply. As a result, physical premiums fell sharply, and high-quality copper prices hovered at low levels due to ample supply. Imported copper also secured higher market share. Middlemen expressed limited buying interest at present premiums, and downstream producers regarded prices above RMB 50,000/mt as too high, with light trading activity on Tuesday.