RCs of imported blister copper up through Jun

Shanghai base metals traded mixed on Friday morning as traders monitored the European Central Bank's latest meeting and the beginning of Joe Biden's presidency. Meanwhile, their counterparts on the LME also set for a mixed start.

Jiangxi Copper and Chambishi, a Zambian blister copper producer under China Nonferrous Metal Mining Group, set the benchmark refining charge (RC) for imported copper anode at $145/mt cif, in their 2021 long-term contracts, rising significantly from the $128/mt in 2020, which indicates market expectations of ample blister copper supply in the future.

Mainstream refining charges (RCs) of domestic blister copper stood at 1,450-1,550 yuan/mt in December, delivery to factory, an average increase of 25 yuan/mt from the previous month.

Nonferrous metals on both SHFE and LME declined across the board on Monday morning. Developments on the coronavirus front will likely continue to be monitored by investors and could weigh on sentiment.

Nonferrous metals on the SHFE were mostly higher on Tuesday morning, and their counterparts on the LME rose across the board, following an overnight drop on Wall Street as fears surrounding the coronavirus pandemic lingered.

Shanghai base metals and their counterparts on the LME all cruised higher on Monday morning, holding onto their last Friday gains.  

Shanghai base metals mostly declined on Thursday morning, as investors reacted to minutes released overnight from the US Federal Reserve's November meeting. Meanwhile, their counterparts on the LME were mostly higher on the board.

Nonferrous metals on the SHFE were mostly higher on Friday morning, and their counterparts on the LME also rose for the most part.

SHFE nonferrous metals were mostly higher on Monday November 16 on the signing of the Regional Comprehensive Economic Partnership (RECP) over the weekend and upbeat Chinese economic data released today.

Shanghai base metals traded mixed on Thursday morning following an overnight bounce for tech stocks on Wall Street as a recent rotation into cyclicals paused. Meanwhile, their counterparts on the LME also set for a mixed start.