Spot Copper Trading Remains Quiet in Shanghai (Jan. 5, 2015)

SHANGHAI, Jan. 5 (SMM) – Spot copper in Shanghai traded Monday between a RMB 80/mt discount and a RMB 20/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 46,020-46,120/mt and RMB 46,060-46,200/mt, respectively. Imported copper flowed to the market after the SHFE/LME copper price ratio rose further following a fall in SHFE copper. Cargo holders of high-quality copper quoted prices at a small premium early on Monday, but downstream producers were unwilling to buy. The price gap between high- and standard-quality copper narrowed some. Most speculative traders that expect a rise in premiums for the near term were reluctant to sell, leading to modest supply. Downstream producers stayed largely out of the market on Monday.