Flash: Copper spot premiums in Shanghai

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.

Today, the spot prices of all series of stainless steel products in Foshan stood flat today. The average price of the 300 series product was around 18,000 yuan/mt. The market received a large number of goods last week, while the demand failed to keep up. The downstream users continued to purchase on rigid demand after the prices rebounded slightly yesterday.

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.

The copper cathode inventory in Guangdong has fallen below the 10,000 mt mark, and stand at only 6,527 mt, the lowest since 2018, according to our SMM statistics.

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