Spot Copper in Shanghai Trades at RMB 20-80/mt Premiums (Jan. 6, 2015)

SHANGHAI, Jan. 6 (SMM) – Spot copper in Shanghai was quoted at a RMB 20-80/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 45,620-45,680/mt and RMB 45,650-45,730/mt, respectively. Supply was ample as hedged goods hit the market following a fall in SHFE copper and as a rise in the SHFE/LME copper price ratio allowed for an influx of imported copper. Middlemen became less active due to little chance of arbitrage, while downstream producers bought mostly as needed, leaving trading quiet.