Spot Copper Price Movement (2014-7-9)

SHANGHAI, Jul. 9 (SMM) – In the Shanghai physical market, copper was offered Wednesday largely between a RMB 150/mt discount and a RMB 30/mt premium over the SHFE 1407 copper contract. Traded prices were RMB 51,500-51,540/mt for standard-quality copper and RMB 51,620-51,740/mt for high-quality copper. As SHFE copper prices hovered Wednesday in narrow ranges, large quantities of imported copper flowed in domestic markets. Hydro-copper and standard-quality copper prices both were quoted at low levels, but high-quality copper prices held firm due to shortages of supply. Supply was ample in the market as a whole on Wednesday. Middlemen entered the market to buy low-priced goods, but downstream producers purchased only to need, with trading activity improving slightly.