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.
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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