Spot copper premiums dip from highs as import window opens

Published: Aug 7, 2018 15:56

Save

Spot copper was mostly offered at a premium of 50-110 yuan/mt over the SHFE 1808 contract in Shanghai on Aug 7

SHANGHAI, Aug 7 (SMM) – Spot copper was mostly offered at a premium of 50-110 yuan/mt over the SHFE 1808 contract in Shanghai on Tuesday August 7. This compared with a premium of 50-90 yuan/m on Monday.

Overall premiums inched up from the previous day but failed to remain at highs in the morning as the import window opened. Inflows of Baiyin Honglu brand and Jintian brand warrants during the second trading session for the morning, at a premium of 50 yuan/mt, also lowered offers by sellers.

Offers of high-quality copper dipped from a premium of 110 yuan/mt to 80 yuan/mt during the morning, but drew little interest. When premiums of standard-quality products fell to 60-70 yuan/mt, transactions picked up. Premiums of hydro-copper remained around 20-40 yuan/mt in the morning.

The SHFE 1808 contract hovered around the 20-day moving average, and closed at 49,215 yuan/mt at the end of the morning trading session, up 40 yuan from that time on Monday August 6.

At noon, high-grade copper traded at 49,260-49,350 yuan/mt and standard-quality copper traded at 49,240-49,330 yuan/mt.

Market commentary Futures movement Spot copper

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

49 mins ago

Mongolia Seeks to Renegotiate "Unfair" Terms of $18B Rio Tinto Copper Mine Deal

According to a Monday report by the Financial Times, Mongolia was seeking to renegotiate the "unfair" commercial terms of the $18 billion Oyu Tolgoi copper mine owned by mining giant Rio Tinto.The report said Mongolian Prime Minister Gombojavyn Zandanshatar stated at a meeting that the current agreement between the two sides was "unfair."The report said Mongolian government officials would meet with Rio Tinto executives this week to discuss the terms of the deal.

49 mins ago

50 mins ago

Fortescue Completes Acquisition of Alta Copper, Secures 100% Stake in Peru's Caariaco Mine

Diversified Mining Company Fortescue has completed the acquisition of Alta Copper, securing the Caariaco copper mine project in northern Peru.The acquisition was carried out through a Canadian plan of arrangement, under which Fortescue subsidiary Nascent.Exploration acquired all issued and outstanding shares of Alta Copper not already held by the group.Following the completion of the transaction, Fortescue holds a 100% stake in the Caariaco copper mine.Fortescue CEO Gus Pichot said that copper remains central to the company’s diversification strategy.

50 mins ago

51 mins ago

Lundin Mining to Pay $215M for 5% More in Caserones Mine, 30.9% in Los Helados; Stake Rises to 75%

Base Metal Producer Lundin Mining Agreed to Pay $215 Million to Purchase an Additional 5% Stake in the Caserones Copper/Molybdenum Mine in Chile and a 30.9% Stake in the Nearby Los Helados Project.These assets were acquired from JX Advanced Metals and its affiliates.Once the transaction is completed, Lundin Mining’s ownership interest in the business will increase from 70% to 75%.

51 mins ago