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[selected SMM Weekly] Import price continues to open after the festival. Yangshan copper premium has risen sharply in a short period of time.
May 9,2020 09:24CST
translation
Source:SMM
[SMM Weekly selected: import prices continue to open Yangshan copper premium prices rose sharply in the short term] the foreign trade market was active this week. From April to May, domestic demand continued to improve, to maintain the pace of storage, to support the domestic back structure, compared with the LME contango structure continued to expand, the import window continued to open after the festival, and the price ratio further improved in June, stimulating the demand for imported copper.
The content below was translated by Tencent automatically for reference.

This week's "SMM Copper Industry chain Weekly report" released, the editor selected hot topics, prices, market or major changes in the industry chain published as an article for your reference.

This week (May 6-May 8) the trading range of Yangshan Copper Premium Warehouse receipt is US $110 / ton in 90murl, US $100 / ton in Bill of Lading, QP in June (2006 amp LME3).

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The foreign trade market has been active this week. From April to May, domestic demand continued to improve, to maintain the pace of storage, to support the domestic back structure, compared with the LMEcontango structure continued to expand, the import window continued to open after the festival, and the price ratio further improved in June, stimulating the demand for imported copper. Warehouse receipt supply is scarce, driven by demand, the seller further raised the price, some traders choose to import because of the high import profit of warehouse receipt. On the bill of lading, traders expect domestic consumption to continue to improve in May, so they are strongly willing to bid and tend to lift further. At present, the warehouse receipt offer is $100-110 / ton, and the bill of lading offer is $88-100 / ton. The buyer was driven by the price comparison two days after the festival, coupled with the domestic trade rising water did not fall as expected before the festival, the receipt of the goods was positive. The transaction price rose by US $15 / ton and US $9 / ton respectively compared with that before the festival. LME was closed on Friday, with a lack of guidance on price comparisons. The short-term Yangshan copper premium will remain high. According to SMM research, this week, domestic traders still transport copper from the LME warehouse to the country, but most of them are wet. The transfer of zero orders from overseas smelters to China has increased one after another. It is expected that the amount of copper imported at the end of May and the beginning of June will increase significantly, easing the pressure on domestic supply.

According to SMM research, copper stocks in the Shanghai bonded area on Friday (May 8) were down 14500 tons to 265000 tons from last week (April 30), and inventories fell for the seventh consecutive week. Driven by national infrastructure projects, domestic consumption continued to improve, and the operating rate of copper poles was close to an all-time high in April. The import window of the foreign trade market continued to open, the Yangshan copper premium rose sharply, and the import of customs declaration increased, which further led to the decline of stocks in the bonded area.

At present, the transaction price of good copper warehouse receipt is around US $110 / ton, mainstream fire method US $105 / ton, wet method US $100 / ton, good copper bill of lading US $100 / ton, mainstream fire method US $95 / ton, wet method US $88 / ton.

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Important news on the development of enterprises at home and abroad

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