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Yangshan Copper Premiums were Stable with some Downward Potential amid a Dropping Price Ratio
May 20, 2022 15:49CST
Source:SMM
Yangshan copper premiums stood at $69-85/mt under warrants today. The average price was $77/mt, $1/mt lower than the previous trading day.

SHANGHAI, May 20 (SMM) - Yangshan copper premiums stood at $69-85/mt under warrants today. The average price was $77/mt, $1/mt lower than the previous trading day. Quotes under B/L stood at $60-80/mt. The average price was $70/mt, $1.5/mt lower than the previous trading day with the quotation period in June. The quotation refers to the prices of goods arriving at ports in late May and in the first half of June. The premiums of LME 0-3 were $45/mt. The import losses were around 600 yuan/mt over the 2206 copper contract as of 10 a. m. today.

Today, the import losses expanded as LME copper inventory dropped and the carrying fees of LME copper rose. According to the survey today, LME copper was still in the backwardation structure. Warrant traders had a strong willingness to ship goods under the pressure of capital cost. Different brands of high-quality copper were quoted at $85/mt or $82/mt. Quotes of mainstream pyro-copper were $84/mt, and hydro-copper was quoted at $75/mt. The market was still sluggish. On the bill of lading front, at present, documents stuck in express delivery can be transferred. The recovered logistics picked up offers and inquiries in the market. In the early trading, the prices of high-quality copper were $80/mt, and Japanese and South Korean pyro-copper were quoted at $75/mt. There was no transaction in the market yet.

The high-quality pyro-copper premiums were around $85/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $78/mt and $69/mt respectively. The high-quality copper under the bill of lading was quoted at $80/mt, and that of mainstream pyro-copper and hydro-copper were $75/mt and $60/mt respectively.


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The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.

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