Physical Copper Trading Slows as Downstream Producers Stay on Sidelines (Oct. 8, 2014)

SHANGHAI, Oct. 8 (SMM) – Physical copper in Shanghai was quoted Wednesday at a RMB 0-80/mt premium to the SHFE 1410 copper contract. Traded prices were RMB 48,640-48,740/mt for standard-quality copper and RMB 48,700-48,840/mt for high-quality copper. Quotations were mixed in early trading, with few transactions done at high prices. After SHFE copper retreated, cargo holders cut prices to boost sales, sending spot premiums down to less than RMB 100/mt. A variety of copper brands were available on the market, and most of the supply was copper imported during the Chinese National Day holiday. Downstream producers stayed essentially on the sidelines on Wednesday, leaving trading muted. Most cargo holders expect trading activity to improve on Thursday.