SHANGHAI, Jun 3 (SMM) – SMM RCs for domestic blister copper stood at 1,800-2,000 yuan/mt in May, up 100 yuan/mt month on month. RCs for imported blister copper were $185-205/mt on a cif basis, up $15/mt on the month.
RCs for blister copper diverged in south and north China. Quotations in the latter stood at 1,400-1,500 yuan/mt amid the lack of capacity of blister copper produced by copper scrap, which mainly used copper concentrate to produce blister copper. Quotes stood at 2,000 yuan/mt for small orders at smelters in south China.
Domestic blister copper maintained oversupply. A large amount of imported secondary copper entered domestic market, which has been smelted to blister copper for sale. Smelters has been restocking blister copper and copper scrap, in spite of maintenance season from May. Market failed to see a lot of purchase of small orders amid stable supply of long-term orders. Smelters were actively in raising prices.
Imported cargo prices did not have much advantages on a cif basis compared with domestic RCs for blister copper. Holders were reluctant to obviously adjust prices to ship more goods as long-term orders of imported blister copper stood at about $145/mt and price spread was sharp. Though there were quotations of $200/mt, trades thinned.
