Yangshan copper premiums with a quotation period in April stood at $25-40/mt under warrants during April 3-7, with the average down $4.72/mt from a week earlier. Those stood between $35-55/mt under bill of lading (B/L) with a quotation period in May, up $2.5/mt. As of April 7, the SHFE/LME copper price ratio stood at 7.76.
During the week, the profit margin of imported copper was limited. Trades were quiet due to the Chinese Qingming Festival holidays and Easter holidays. In terms of warrants, affected by the continuous decline in domestic spot premiums, the market demand was poor, reducing offers. Quotes for B/L, in contrast, inched higher, especially for cargoes slated to arrive at end-April and early May. This is because the inventory pressure of some traders has eased thanks to the previous reopening of the import window. Meanwhile, most of the sellers are optimistic about the market.
Arriving shipments under B/L from last weekend to the beginning of this week will increase to a certain extent. Sellers are likely to lower quotes for cargoes about to arrive soon given the weak quotes in the domestic spot market. Import premiums under warrants are expected to fall further, but the downside room should be limited as the approach of the delivery of the April contract will keep most of the market players on the sidelines.
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