Pandemic in Shanghai Affected the Logistics and Transportation, the Premiums of SMM #1 Copper Cathode Dropped Slightly

Today, SMM average premium for #1 copper cathode was 170-230 yuan/mt, down 10 yuan/mt from the previous trading day. According to SMM, the Yangtze River Delta region is affected by the COVID-19 to varying degrees, which further influences the overall logistics and transportation to a certain extent. At present, the delivery of goods in the Shanghai warehouse is normal. When trucks enter Shanghai, they only need to provide negative nucleic acid results. However, the policy of leaving Shanghai is relatively strict, which, to a certain extent, suppresses downstream purchasing, dragging down the spot premiums.