Yangshan Copper Premiums Stopped Falling and Stabilised due to the Rising Domestic Premiums and the Narrowed Import Losses

SHANGHAI, Jun 10 (SMM) - Yangshan copper premiums were quoted at $45-60/mt under warrants today. The average price was $52.5/mt, $3.5/mt higher than the previous trading day, with the quotation period of July. Quotes under B/L stood at $43-55/mt. The average price was $49/mt, $3/mt higher than the previous trading day, with the quotation period of July. The quotation refers to the prices of goods arriving at ports in late June. The premiums of LME 0-3 were $5.1/mt. The import losses were around 700 yuan/mt over the 2207 copper contract as of 10 a. m. today.

In the past two days, importers slowed down the speed of dumping their goods because of the rising domestic spot premiums. However, the imports still suffered losses, and the buyers preferred domestic trading. In the short term, traders get a weak willingness to purchase small orders, and the Yangshan copper premiums cannot rise sharply. Some importers offered no quotes and they took the quotes offered by customers into consideration. According to the survey today, high-quality copper was quoted at $60/mt under warrants, and the domestic pyro-copper was quoted at around $50/mt. The high-quality copper under the bill of lading was quoted at over $55/mt, and the quotes of ESOX stood at $50/mt. The buyers holding the forward contract did not make quotes.

The premiums of high-quality pyro-copper were around $60/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $55/mt and $45/mt respectively. The high-quality copper under the bill of lading was quoted at $55/mt, and that of mainstream pyro-copper and hydro-copper were $50/mt and $43/mt respectively.