Tight supply continues to dominate the market, Yangshan copper premiums continue to rise [SMM Yangshan Copper Spot]

On July 16, the average warrant price rose $5/mt from the previous trading day, quoted at $95/mt (price range $90-100/mt); the average B/L price rose $6/mt, quoted at $95/mt (price range $90-100/mt); the average price of EQ copper (CIF B/L) rose $3/mt, quoted at $60/mt (price range $57-63/mt), referencing cargoes arriving from mid-to-late July to mid-to-late August.

Currently, China's social inventory continued to destock, and market supply remained tight, largely as LME cancelled warrants were shipped to China. Suppliers with limited cargo in hand held firm quotations, and the actual transaction price center continued to move up, though trading volume was low, leaving the market in a state of weak supply and demand. Today, it was heard that a registered B/L arriving in mid-to-late August traded at $100/mt, and a small volume of EQ copper was quoted at $70/mt.