Spot Copper Price Movement (2014-6-27)

SHANGHAI, June 27 (SMM) – In the Shanghai physical market, copper was offered Friday at a RMB 160-320 premium over the SHFE front-month copper contract. Traded prices were RMB 50,550-50,650/mt for standard-quality copper and RMB 50,670-50,730/mt for high-quality copper. As SHFE copper prices hovered at high levels, cargo holders moved goods at lower premiums during the last trading day at the end of June. Prices for high-quality copper traded at lower levels due to sufficient supply, while those for standard-quality copper were around RMB 100/mt lower than high-quality copper. Meanwhile, hydro-copper prices were held firm due to shortages of supply. Some middlemen with ample cash flows entered the market to buy, but the majority remained cautious. Downstream producers slightly ramped up purchases ahead of the weekend, with transactions improving slightly on Friday.