SHANGHAI, Aug. 13 (SMM) – Blasts occurred in a warehouse in China's north city of Tianjin have disrupted local port operation and transportation in the city. SMM understood that copper shipments have been suspended at the Port of Tianjin. Will this exert significant influence on copper market?
Local metal companies told SMM that the impact of blasts so far is limited on their trading activities as major warehouse for copper storage is relatively far from the site of the accident.
As copper and copper concentrate imports through the Port of Tianjin were comparatively small, the explosions have not shown significant impact on copper prices in north China, SMM learned.
However, the accident may result in much hype in futures market, an analyst interviewed by SMM said.
Physical copper in north China market was offered at premiums of 20-80 yuan per tonne today, down slightly from August 12.
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