Spot Premiums in Shanghai Copper Market Narrow to RMB 40-100/mt (Apr. 13, 2015)

SHANGHAI, Apr. 13 (SMM) – Spot copper was offered at premiums of RMB 40-100/mt to SHFE 1504 copper contract on Monday. Prices are RMB 43,700-43,780/mt for standard-quality copper and RMB 43,720-43,820/mt for high-quality copper.

Speculators sold at high prices after SHFE copper prices edged higher, pushing up copper supply, in turn dragging down spot premiums. However, some large traders refrained from selling and offered high prices. Intermediaries sourced goods at lows, but supply of cheaper goods was limited. Downstream buyers mostly watched from the sidelines.