Subdued Trades in Copper Import Market amid Wider Import Losses

SHANGHAI, Aug 26 (SMM) - Trades in the imported copper market were quiet today as import losses expanded to 200 yuan/mt. Backwardation of LME cash to the three-month copper contract stands at $6.5/mt.      

Quotes of Yangshan copper premiums for warrants stood at $90-120/mt today, unchanged from yesterday. The quotation period is in September. Quotes under B/L with a quotation period in October stood at $85-105/mt, flat from yesterday.

Traders who have cargoes slated to arrive in the short term lowered their quotes. Quotes increased for cargoes slated to arrive at the end of September. Quotes for the two high-quality brands stood at $105-110/mt. Purchases were scarce. Premiums for warrants were stable due to the lack of trades.

Traded import premiums for high-quality pyro-copper currently stand around $120/mt under warrants, $110/mt for mainstream pyro-copper, and $90/mt for hydro-copper. On the B/L front, premiums stand at $105/mt for high-quality copper, $95/mt for mainstream pyro-copper, and $85/mt for hydro-copper.