SHANGHAI, Aug. 8 (SMM) – SMM Yangshan copper premiums have reached the highest level so far this year and are even higher than this year’s term premiums.
Growing Environmental Pressure to Push Small Copper Mines in China Out of Market, SMM Expects
Copper traders in Shanghai bonded zone held back from selling, which tightened supply and kept Yangshan copper premiums at highs.
Supply of Copper Scrap with Invoice Tightens Further as Fake Invoice Crackdowns Continue, SMM Says
In the short term, if contango on the LME narrows only slightly, premiums will still hover at highs, SMM expects.
SMM Yangshan copper premiums were stable at $ 67-77/tonne in the week ending August 4.
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