SHANGHAI, Mar 27 (SMM) - Yangshan copper premiums with a quotation period in April stood at $40-45/mt under warrants during March 20-24, and between $30-45/mt under bill of lading (B/L) with a quotation period in April. As of March 24, the SHFE/LME copper price ratio stood at 7.71.
The import window closed last week, muting trades of seaborne copper. Arbitrage market players entered the market two weeks ago when the import window had been open. With the SHFE/LME copper price ratio falling last week, some arbitrage market players offered discounts for cargoes slated to arrive at end-March, lowering Yangshan copper premiums significantly at the end of the week. In terms of warrants, the demand was even weaker against import losses. With weak financing attributes and high cost for warrants, sellers lowered quotes at the week’s end. But there were few deals in the market.
