SMM Spot Copper Price Movement on Monday 16th September 2013
Spot copper in Shanghai was offered at a contango of RMB 0-100/mt and a backwardation of RMB 0-80/mt over SHFE 1309 copper contract on Monday.
SHANGHAI: Spot copper in Shanghai was offered at a contango of RMB 0-100/mt and a backwardation of RMB 0-80/mt over SHFE 1309 copper contract on Monday. Traded prices were RMB 51,920-52,000/mt for standard-quality copper, and RMB 52,020-52,140/mt for high-quality copper.
SHFE 1312 copper contracts moved lower after a high opening. The price gap between SHFE 1309 and 1310 copper contracts expanded to RMB 300/mt from RMB 200/mt.
Cargo holders were anxious to sell, causing backwardation to narrow. Standard-quality copper was traded at a contango. High-quality copper was quoted at a contango towards mid-day.
Traders and downstream producers decided not to enter the market until tomorrow when SHFE 1310 copper contracts become the new current-month contract.
Courtesy : Metal.com
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.32 | $US/Lb |
#1 Copper Bare Bright | 3.72 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.73 | $US/Lb |
6061 Extrusions | 0.64 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 460.00 | $US/MT |
#1 Busheling | 480.00 | $US/MT |
Electronics Scrap |