Yangshan Copper Premiums Rose as the Imports Gained Profits

SHANGHAI, Jun 16 (SMM) - Yangshan copper premiums were quoted at $58-74/mt under warrants today. The average price was $66/mt, $3.5/mt higher than the previous trading day, with the quotation period of July. Quotes under B/L stood at $50-67/mt. The average price was $58.5/mt, flat from the previous trading day, with the quotation period of July. The quotation refers to the prices of goods arriving at ports in late June and early July. The discounts of LME 0-3 were $5.5/mt. The import losses were around 250 yuan/mt over the 2207 copper contract as of 10 a. m. today.

The spot imports remained profitable, and the import losses over the 2207 copper contract narrowed to around 250 yuan/mt in the early trading. The rising price ratio attracted more inquiries this week. Besides, the high spot premiums in China enabled the traders to hold firm to the prices. According to the survey today, the logistics conditions improved, and the operation in warehouses became normal. Profits of spot imports boosted the inquiries of warrants. The high-quality copper was quoted at $74/mt under warrants, and the domestic pyro-copper was quoted at around $65-70/mt. The traded price of a domestic pyro-copper was $67/mt, and that of hydro-copper stood at around $58/mt. The prices of high-quality copper under the bill of lading arriving at ports in early July stood at $75/mt, and these of mainstream pyro-copper were $72/mt However, the market had seen no transactions yet.

The premiums of high-quality pyro-copper were around $74/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $67/mt and $58/mt respectively. The high-quality copper under the bill of lading was quoted at $67/mt, and that of mainstream pyro-copper and hydro-copper were $63/mt and $50/mt respectively.