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Guangdong Reports Lower Premiums on Sufficient Supply, SMM Reports
Sep 26, 2017 16:28Spot premiums in Shanghai, Shandong and Tianjin copper markets are on the increase due to downstream purchases for the upcoming 2017 Chinese National Day holiday in early October.
SHANGHAI, Sept. 26 (SMM) – Spot premiums in Shanghai, Shandong and Tianjin copper markets are on the increase due to downstream purchases for the upcoming 2017 Chinese National Day holiday in early October, Shanghai Metals Market learns.
But, the premiums in Guangdong copper market are lower, moving around at premiums of 0 yuan per tonne.
China Copper Cathode Imports Rise 9.77 Per cent YoY in August
SMM attributes the lower premiums in Guangdong market mainly to sufficient spot supply there. At present, inventories are around 30,000 tonnes in Guangdong. Despite brisk downstream purchases, ample supply has prevented spot premiums in Guangdong from going higher.
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