Physical Copper Premiums Fall to RMB 30-120/mt on Increased Supply (Oct. 23, 2014)

SHANGHAI, Oct. 23 (SMM) – Physical copper in Shanghai was quoted Thursday at a RMB 30-120/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,860-47,940/mt for standard-quality copper and RMB 47,900-48,040/mt for high-quality copper. As SHFE copper leveled off, cargo holders ramped up sales at high prices, causing supply to grow. The market remained dominated by imported copper, with physical premiums down. Quotations for hydro-copper were still firm, close to those for standard-quality copper. Middlemen barely entered the market, while a small number of downstream producers went bargain-hunting, helping improve trading activity on Thursday.