Yangshan Copper Market was slack amid Closed LME Trading

SHANGHAI, Jun 2 (SMM) - Yangshan copper premiums were quoted at $69-83/mt under warrants today. The average price was $76/mt, flat from the previous trading day. Quotes under B/L stood at $65-77/mt. The average price was $71/mt, flat from the previous trading day, with the quotation period of June. The quotation refers to the prices of goods arriving at ports in mid-June. The premiums of LME 0-3 were $-2/mt. The import losses were around 300 yuan/mt over the 2206 copper contract as of 10 a. m. today.

Due to the public holiday in the UK, LME trading will not resume operation until next Monday. SHFE 2206 and other forward contracts still suffer import losses. According to some traders, the backlog of long-term orders is large, and they have no intention to purchase small orders in the short term because they are cautious about the follow-up policies. The dropping spot premiums in China and the poor demand dragged down the traders’ quotes. According to the survey today, the import market saw almost no quotes of small orders as LME trading is closed for the holiday.

The high-quality pyro-copper premiums were around $83/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $75/mt and $69/mt respectively. The high-quality copper under the bill of lading was quoted at $77/mt, and that of mainstream pyro-copper and hydro-copper were $73/mt and $65/mt respectively.