SMM Spot Copper Price Movement on Monday 16th September 2013

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