SHANGHAI, Jul. 31 (SMM) – Spot premiums in Shandong’s copper market may be affected after Yantai Penghui Copper resumed operation, SMM research team says.
SMM understands that Penghui Copper, which had suspended operation for cash shortage last December, restarted production early July in its new name Yantai Guorun Copper and began selling July 25.
“Its output is currently less than 3,000 tonnes per month, but stable shipments from the company may drive up spot supply in Shandong and affect local spot premiums,” SMM analyst notes.
Spot copper in east China was offered at premiums of 60-180 yuan per tonne July 30.
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