July 3rd SMM Yangshan Copper Premium Express: Contango structure rapidly narrowed Yangshan Copper Premium and continued pressure

July 3, 2020: today's warehouse receipt quotation is 90mur105 US dollars / ton, the average price is 3.50 US dollars / ton lower than the previous day; the bill of lading quotation is 78mur90 US dollars / ton, the average price remains unchanged from the previous day, QP August. The LME0-3 discount is US $2 / ton, and the import loss is around 200 yuan / ton.

The foreign trade copper market remained deserted on Friday, with weak inquiries. Affected by the decline in price comparison and domestic trade, buyer demand is difficult to pick up, and most traders still have optimistic expectations for the rebound of premium. the bill of lading arriving in Hong Kong in late July and later choose to wait and see, not to make a quotation for the time being, and the transaction is very light. Warehouse receipt quotation has also been lowered but no transaction has been seen. At present, the LME contango structure has rapidly narrowed to US $2 / ton, the price difference between 7 and 8QP has been basically flattened, and the Yashan copper premium will continue to be under pressure.

At present, the transaction price of fire good copper warehouse bill is around 105 US dollars / ton, mainstream fire method 100 US dollars / ton, wet method 90 yuan / ton; good copper bill of lading is 90 / ton, mainstream fire method 85 US dollars / ton, wet method 78 US dollars / ton.

(SMM Zhu Ruoyi)