SHANGHAI, Feb 6 (SMM) - Yangshan copper premiums with a quotation period in February stood at $16-32/mt under warrants during January 30-February 3, and between $5-15/mt under bill of lading (B/L) with a quotation period in February. As of February 3, the SHFE/LME copper price ratio stood at 7.57.
Last week, import losses against SHFE near-month copper contracts stood at around 700 yuan/mt even as the SHFE/LME copper price ratio rallied. Downstream demand has not seen a significant recovery. Under the pressure of huge capital costs, large traders took the lead to liquidate inventories, driving down Yangshan copper premiums sharply.
