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Spot Copper Price Movement (2014-7-14)
Jul 14,2014 13:40CST
price review forecast
Source:SMM
In the Shanghai physical market, copper was offered Monday at a RMB 80-240/mt discount over the SHFE 1407 copper contract.

SHANGHAI, Jul. 14 (SMM) – In the Shanghai physical market, copper was offered Monday at a RMB 80-240/mt discount over the SHFE 1407 copper contract. Traded prices were RMB 51,550-51,650/mt for standard-quality copper and RMB 51,630-51,750/mt for high-quality copper. As SHFE copper prices rebounded fractionally on Monday, cargo holders failed to push up physical premiums even as the delivery date draws near. Cargo holders quoted high-quality copper at a discount to boost sales amid sluggish trading activity, causing physical discounts to rise sharply. Meanwhile, standard-quality copper and hydro-copper also traded at a discount, with increasing pressure from rising supply and a variety of copper brands, particularly imported brands, available in the market. The SHFE 1407 copper contract rose slightly by the midday, with expanding physical discounts. Speculators rarely entered the market to buy, waiting discounts to widen further, while downstream producers stayed on the sidelines, leaving trading volumes light on Monday.
 

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