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Yangshan Copper Premiums Stood at Lower Levels amid the Closed Import Window
Jun 30, 2022 13:51CST
Source:SMM
Yangshan copper premiums were quoted at $68-85/mt under warrants today.

SHANGHAI, Jun 30 (SMM) - Yangshan copper premiums were quoted at $68-85/mt under warrants today. The average price was $76.5/mt, $1.5/mt lower than the previous trading day, with the quotation period of July. Quotes under B/L stood at $65-78/mt. The average price was $71.5/mt, $1/mt lower than the previous trading day, with the quotation period of August. The quotation refers to the prices of goods arriving at ports in the second half of July. The discounts of LME 0-3 were $1.75/mt. The import losses were around 250 yuan/mt over the 2207 copper contract as of 10 a. m. today.

In the early trading, affected by the falling price ratio, the import losses over the forward contract expanded, resulting in a sluggish import market and a slight decrease in Yangshan copper premiums. On June 30, the high-quality copper was quoted at $90/mt under warrants, and the domestic pyro-copper was quoted at around $85/mt. Quotes of high-quality copper under the bill of lading were $80/mt, and these of mainstream pyro-copper and hydro-copper were $78/mt and $68/mt respectively. The market saw CCCP trading at $78/mt under the bill of lading. With the dropping price ratio and the demand, spot trading became sluggish, and Yangshan copper premiums remained rangebound at low levels.

The premiums of high-quality pyro-copper were around $85/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $80/mt and $68/mt respectively. The high-quality copper under the bill of lading was quoted at $78/mt, and that of mainstream pyro-copper and hydro-copper were $75/mt and $65/mt respectively.

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