SHANGHAI, Aug 15 (SMM) – Brisk spot transactions drove up premiums of imported copper over LME copper prices as of Wednesday August 15. Some 100 yuan/mt of import earnings buoyed trades.
This came after the import window opened on Monday August 13 as the US dollar strengthened. The SHFE 1810 contract/LME copper price ratio climbed to 8.13 as of August 15. LME spot copper discounts widened to $30/mt on August 15, SMM learned.
Both offers of warehouses warrants and cif premiums for imported cargoes increased in the week to Wednesday. Average offers this week as of August 15 stood at a premium of $72-85/mt over LME copper, compared with premiums of $70-80/mt last week. SMM expects premiums to extend their gains this week.
