Flash: Copper spot premiums in Shanghai

Last week, the US Fed announced that it may begin to shrink the balance sheet at the next meeting in May. The pace will be accelerated to a monthly reduction of $95 billion.

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.

The SMM average price of 8-12% high-grade NPI stood at 1,502.5 yuan/mtu (ex-works, including tax) as of Friday October 22, up 57.5 yuan/mtu from a week earlier, and the average price of Indonesian NPI stood at 1,497.5 yuan/mtu (including tax, delivery to ports), 55 yuan/mtu higher than a week earlier.

Yangshan copper premiums with a quotation period in September stood at $42-67/mt under warrants during August 2-6, and between $35-64/mt under bill of lading (B/L). The SHFE/LME copper price ratio stood at 7.34 as of August 6.

Spot copper in the Shanghai market was offered at a premium of 230-270 yuan/mt on the morning of Friday April 20, down from a premium of 300-350 yuan/mt a day earlier

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Spot copper offers in Shanghai

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