Spot Copper Price Movement (2014-6-25)

SHANGHAI, June 25 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a RMB 230-430/mt premium over the SHFE front-month copper contract. Traded prices were RMB 50,020-50,150/mt for standard-quality copper and RMB 50,080-50,300/mt for high-quality copper. After SHFE copper prices fell fractionally, cargo holders stepped up moving goods to raise cash at the end of June, with physical premiums narrowing further. A variety of copper brands were available in the market, and the price gap between high-quality and standard-quality copper contracted. SHFE copper prices extended losses by the midday, and physical copper prices also fell to around RMB 50,000/mt. As a result, some middlemen entered the market to buy low-price goods, but downstream producers remained on the sidelines. Trading activity was modest on Wednesday.