SMM Analysis: Tug-of-War in Shanghai Imported Copper Market-Shanghai Metals Market

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SMM Analysis: Tug-of-War in Shanghai Imported Copper Market

SMM Insight 04:50:27PM Jul 04, 2017 Source:SMM

SHANGHAI, Jul. 4 (SMM) – Imported copper market in Shanghai bonded zone is experiencing a tug-of-war, with the price gap between sellers and buyers widening further, SMM learned. 

Current SHFE/LME copper price ratio is unfavorable for clearing goods through customs, dampening import activity by downstream producers. 

Despite the traditional off-season in July-August, traders are in no rush to sell. Contango on the LME and limited warehouse warrant goods are allowing traders to hold back from selling, SMM explained. 

Is CSPT’s Floor Price for Q3 Copper Concentrate Spot TCs Simply Symbolic? SMM Reports

With wait-and-see sentiment still prevailing, trading should remain muted this week, SMM expects. 

As of June 30, for goods under warehouse warrant, premiums were offered at above $ 65/tonne for mainstream hydro-copper, versus around $ 73/tonne for mainstream pyro-copper, with QP in July. A few deals closed at around $ 70/tonne for three high-quality Chilean brands (ENM, CCC-P and AE), with QP in July.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.
 

Price

more
#1 Refined Cu
Aug.23
46300.0
-115.0
(-0.25%)
Standard-Grade Copper
Aug.23
46290.0
-115.0
(-0.25%)
High-Grade Copper
Aug.23
46310.0
-115.0
(-0.25%)
Guixi copper
Aug.23
46320.0
-115.0
(-0.25%)
Low-quality copper
Aug.23
46260.0
-110.0
(-0.24%)

SMM Analysis: Tug-of-War in Shanghai Imported Copper Market

SMM Insight 04:50:27PM Jul 04, 2017 Source:SMM

SHANGHAI, Jul. 4 (SMM) – Imported copper market in Shanghai bonded zone is experiencing a tug-of-war, with the price gap between sellers and buyers widening further, SMM learned. 

Current SHFE/LME copper price ratio is unfavorable for clearing goods through customs, dampening import activity by downstream producers. 

Despite the traditional off-season in July-August, traders are in no rush to sell. Contango on the LME and limited warehouse warrant goods are allowing traders to hold back from selling, SMM explained. 

Is CSPT’s Floor Price for Q3 Copper Concentrate Spot TCs Simply Symbolic? SMM Reports

With wait-and-see sentiment still prevailing, trading should remain muted this week, SMM expects. 

As of June 30, for goods under warehouse warrant, premiums were offered at above $ 65/tonne for mainstream hydro-copper, versus around $ 73/tonne for mainstream pyro-copper, with QP in July. A few deals closed at around $ 70/tonne for three high-quality Chilean brands (ENM, CCC-P and AE), with QP in July.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.