SHANGHAI, Jul. 28 (SMM) – The Yangshan copper premiums, published by SMM, climbed $11 per tonne last week to $65-80 in the week of July 20-24, with trading livened up, matching SMM forecast.
On July 24, the SHFE 1508 copper/LME copper price ratio was 7.37, up slightly from the 7.33 a week earlier.
“The higher price ratio allowed more profitable opportunities for importing copper, while cargo holders in China’s local market refrained from selling, giving a lift to imported copper demand,” SMM copper analyst said.
SMM research team predicts that the increase in premiums will slow this week as anemic demand and restrictions in L/C issuance will cool trading enthusiasm.
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