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SMM Tells Why Deadlock Persists in Shanghai Imported Copper Market
Jul 18, 2017 13:20Source:SMM
The deadlock continued between sellers and buyers in Shanghai bonded zone copper market last week, with wait-and-see sentiment still strong, SMM learned.
SHANGHAI, Jul. 18 (SMM) – The deadlock continued between sellers and buyers in Shanghai bonded zone copper market last week, with wait-and-see sentiment still strong, SMM learned.
On the one hand, contango on the LME narrowed to around $ 6/tonne, bringing some pressure to sellers. However, no heavy selloffs were reported since many traders expect contango to return to around $ 10/tonne.
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On the other hand, high premiums for warrant goods, the off-season and unfavorable SHFE/LME copper price ratio dampened buying interest.
As of July 14, Yangshan copper premiums were $ 62-72/tonne, SMM data showed.
SMM expects wait-and-see sentiment to still prevail this week.
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yangshan copper premiums
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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