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.
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.
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