Physical Copper Premiums Struggle at RMB 60-130/mt on Ample Supply (Oct. 22, 2014)

SHANGHAI, Oct. 22 (SMM) – Physical copper in Shanghai was quoted Wednesday at a RMB 60-130/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,900-47,980/mt for standard-quality copper and RMB 47,940-48,040/mt for high-quality copper. As SHFE copper weakened on Wednesday, cargo holders continued moving goods steadily, with a variety of copper brands found in the market. The price of low-quality hydro-copper held firm due to tight supply. Middlemen slowed operations, while downstream producers bought only on an as-needed basis, leaving trading activity worse than Tuesday.