May 21 SMM Yangshan Copper Premium Express: import loss expands foreign trade market shows mood of selling goods

Published: May 21, 2020 14:20 (GMT+8)

May 21, 2020: today's warehouse receipt is quoted at US $100 / ton, and the bill of lading is quoted at US $90mur105 / ton, QP June. The LME0-3 discount is US $25 per ton. The import loss is around 350 yuan / ton.

Today, import losses continue to expand, and most traders have no quotations and are still in a wait-and-see state, waiting to see whether the future price comparison will be opened again because of the good news of the "two sessions." Some traders have ample supply of long-term goods arriving in Hong Kong, which may weaken further compared to the price, so they lower their quotations in order to close the deal. Buyers are cautious, the willingness to receive goods is not strong, buyers and sellers psychologically expected prices are difficult to match, the overall performance of the transaction is light, a small number of low-price shipments still lead to a rapid decline in premium.

At present, the transaction price of good copper warehouse receipt is around 110 US dollars / ton, 105 US dollars / ton for mainstream fire method and 100 US dollars / ton for wet method; 100 US dollars / ton for good copper bill of lading, 95 US dollars / ton for mainstream fire method and 90 US dollars / ton for wet method.

(SMM Zhu Ruoyi)

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 for 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
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
1 min ago
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
Read More
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
Glencore announced that its Agua Rica project, known as MARA, has received approval under Argentina’s Incentive Regime for Large Investments, or RIGI. The large-scale copper-gold-silver-molybdenum deposit contains approximately 1.2 billion tonnes of measured and indicated mineral resources grading an average 0.03% molybdenum. Based on the disclosed tonnage and grade, the resource contains roughly 360,000 tonnes of in-situ molybdenum; however, this does not represent reserves, recoverable metal or future molybdenum production. Glencore also brought forward expected first production from the Alumbrera restart to H2 2027 from H1 2028. Alumbrera’s processing, logistics and workforce infrastructure is expected to support the future development of MARA. SMM analysis: RIGI approval improves the p
1 min ago
【Flash | Sierra Gorda Starts Fourth Grinding Line, Targeting Higher Molybdenum Output from 2030】
40 mins ago
【Flash | Sierra Gorda Starts Fourth Grinding Line, Targeting Higher Molybdenum Output from 2030】
Read More
【Flash | Sierra Gorda Starts Fourth Grinding Line, Targeting Higher Molybdenum Output from 2030】
【Flash | Sierra Gorda Starts Fourth Grinding Line, Targeting Higher Molybdenum Output from 2030】
KGHM Polska Miedź has marked the start of Sierra Gorda’s US$725 million fourth grinding-line expansion in Chile. The project will add crushing, grinding, flotation and associated infrastructure, increasing annual ore-processing capacity from about 48 million tonnes to 60 million tonnes. Completion is scheduled for late 2029, with full production expected in H2 2030. On a 100% mine basis, post-expansion average payable molybdenum production is expected to reach approximately 6,000 tonnes per year. KGHM reported that Sierra Gorda produced more than 8 million lb, or about 3,629 tonnes, of molybdenum in 2025. SMM analysis: the project represents a material medium- to long-term overseas molybdenum supply increment, but it will not add near-term supply.
40 mins ago
【Flash | Fatal Accident Halts Part of Radomiro Tomic, Molybdenum Impact Not Yet Disclosed】
42 mins ago
【Flash | Fatal Accident Halts Part of Radomiro Tomic, Molybdenum Impact Not Yet Disclosed】
Read More
【Flash | Fatal Accident Halts Part of Radomiro Tomic, Molybdenum Impact Not Yet Disclosed】
【Flash | Fatal Accident Halts Part of Radomiro Tomic, Molybdenum Impact Not Yet Disclosed】
Codelco reported a fatal accident on October 1 in the crushing and material-handling area of its Radomiro Tomic operation. Activities in the affected area were immediately suspended and an investigation was launched. Codelco has identified Radomiro Tomic as one of its molybdenum-producing mines, with sulphide ore processed through the Chuquicamata concentrator. The company has not disclosed the duration or scope of the suspension or any impact on copper and molybdenum output. SMM analysis: a prolonged or wider suspension could disrupt the processing cadence of Mo-bearing sulphide ore, but there is currently insufficient evidence to conclude that molybdenum production has declined.
42 mins ago