SMM Premium Price of Copper Spot (Nov.28)

Shandong bare bright copper was quoted at 66,400-66,600 yuan/mt. The average price dropped 150 yuan/mt from the previous trading day.

According to the data released by the General Administration of Customs, P. R. China, China's imports of copper scrap in January and February were 162,900 mt and 109,800 mt respectively, both higher than the same period last year.

Premiums of #1 copper cathode were 60-140 yuan/mt in Henan, the average price dropped 65 yuan/mt from the previous trading day.

Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

Shanghai nonferrous metals closed with mixed performance as the hawkish rhetoric from US Federal Reserve Chair Powell supressed the market, while the November Caixin PMI in China was relatively positive than before.

Shanghai base metals basically trended lower on Monday morning amid risk aversion sentiments after the discovery of a super strong variant of COVID-19 was discover last Friday. Meanwhile, their counterparts on LME all cruised higher.

Shanghai nonferrous metals closed with mixed performance. Zinc surged amid supply fears after Glencore said that it is shutting down some zinc production capacity in Europe due to high energy prices, and the steeply rising ferrous products also boosted the SHFE board.

Shanghai nonferrous metals closed with mixed performance as the market was generally quiet today, and the broad sector moved in narrow rangebound.

This is a roundup of China's metals weekly inventory as of November 5.

SMM understood that Codelco plans to set the benchmark premium for long-term contracts of copper cathode to China in 2022 at $105/mt, much higher than the $88/mt in 2021. Many domestic traders have received offers, but none have accepted them.