Spot Copper Price Movement (2014-7-4)

SHANGHAI, Jul. 4 (SMM) – In the Shanghai physical market, copper was offered Friday between a RMB 120/mt discount and a RMB 80/mt premium over the SHFE 1407 copper contract. Traded prices were RMB 52,150-52,270/mt for standard-quality copper and RMB 52,250-52,400/mt for high-quality copper. As SHFE copper prices extended gains on Friday, some cargo holders held prices firm, while others moved goods actively at lower premiums to raise cash. Physical copper was quoted at a discount by the midday. Middlemen entered the market to buy low-priced goods, but downstream producers stayed on sidelines out of fears that prices would fall. Trading activity was light on Friday.