SHANGHAI, Nov 29 (SMM) – Sluggish demand after the National Day Holiday lowered prices of seaborne copper, SMM believes.
As of Thursday November 29, Yangshan premiums for warehouse warrants were offered at $65-75/mt, down from the peak of $115-125/mt in late September; Yangshan premiums for bill of lading were also offered at $65-75/mt, down from the peak of $110-120/mt in late September. The tumble of some 40% in two months reversed all the gains in the third quarter.
The import arbitrage window closed in mid-September. Importers now incurred a loss of 1,500 yuan/mt while domestic smelters turned to export their cargoes to seek profits.
Copper stocks across Shanghai bonded areas gained 16,400 mt over the week ended November 23 to stand at 405,400 mt, SMM data showed. This marked the first time inventories rebounded above the 400,000 mt level in more than a month.
Buyers were unwilling to make large purchases as they preferred to hold more cash by the year-end. Cash flow pressure forced some sellers to lower offers to offload their cargoes.
LME copper cash has continued to stand higher than the three-month contract for more than a month as stocks across LME-registered warehouses, already at record lows, continued to decrease.
![L'inflation sous-jacente dépasse les attentes, renforçant les anticipations de hausse des taux ; les prix du cuivre se consolident à des niveaux élevés [Résumé de la réunion matinale sur le cuivre de SMM]](https://imgqn.smm.cn/usercenter/mqFqG20251217171710.jpg)
