Physical Copper Trading Recovers as Downstream Producers Go Bargain-Hunting (Oct. 21, 2014)

SHANGHAI, Oct. 21 (SMM) – Physical copper in Shanghai was quoted Tuesday at a RMB 60-140/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,630-47,700/mt for standard-quality copper and RMB 47,660-47,750/mt for high-quality copper. As SHFE copper hovered in narrow ranges, cargo holders moved goods steadily, while some middlemen entered the market to buy at low prices. The price gap between standard- and high-quality copper narrowed to less than RMB 50/mt. Downstream producers went bargain-hunting on Tuesday, leaving trading activity better than Monday.