SHANGHAI, Apr 13 (SMM) - The average Yangshan copper premium under warrants stood at $33.61/mt in March, up $9.33/mt MoM, and the average premium under the bill of lading was $38.17/mt, up $18.17/mt MoM.
In mid-March, SHFE/LME copper price ratio bounced back on panic caused by the overseas bank failures. Copper cathode imports could offer profits, and thus Yangshan copper premiums surged. After the market panic eased, some calendar spread arbitragers offered discounts to spots under the bill of lading arriving at ports at the end of March, arousing a fall in spot premiums. In terms of warrants, cargo holders seized the opportunity to lock in profits, and domestic bonded zone inventory began to fall, which to a certain extent suppressed the premiums in China and the spread between the SHFE front-month and next-month contracts.
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