Transactions in Yangshan Copper Market were Slack

SHANGHAI, Feb 22 (SMM) - Yangshan copper import quotations under warrants were at $26-46/mt today with an average price of $36/mt, up $0.5/mt from the previous trading day. Quotes for bill of lading stood at $30-47/mt with an average price of $38.5/mt, down $2.5/mt from the previous trading day, with a quotation period in March. The quotation refers to the goods arriving at ports at the end of February and the beginning of March. Premiums of LME 0-3 were $48/mt, and the import losses were 550 yuan/mt over the LME 03 contract.

Imports today were still at a loss, with more quotations and less buying in the import market, and the trading was rather slack. According to the quotation recently, due to the weak purchasing, the market has been continuously reducing the quotation since last week. Some hydro-copper quotes for bill of lading were reduced from $40/mt to $30/mt at present, with a quotation period in March. Even some traders failed to make a deal within two weeks. The transaction in the overall market was very difficult. Generally, Yangshan copper premiums received great pressure when there were weak price ratio and poor demand.

Traded import premiums for high-quality pyro-copper currently stand around $46/mt under warrants, $38/mt for mainstream pyro-copper, and $26/mt for hydro-copper. The high-quality copper under bill of lading is quoted at $47/mt, and that of mainstream pyro-copper and hydro-copper are $40/mt and $30/mt respectively.