SHANGHAI, Nov 2 (SMM) - Yangshan copper premiums were quoted at $135-150/mt under warrants today, and the average premium was flat from the previous trading day, with the quotation period of November. Quotes for the bill of lading stood at $122-145/mt, and the average premium rose $1 from the previous trading day, with the quotation period of December. The quotation refers to the prices of goods arriving at ports in November. Premiums of LME cash to 3M contract stood at $65/mt, and the import losses were around 300 yuan/mt.
The import market was slack today. Quotes of B/L arriving at ports in November occupied the market. The spread between the LME Oct-Nov contracts stood at $28/mt in the backwardation structure, thus the quotation period concentrates on December. Quotes of mainstream pyro-copper arriving at ports in mid-November stood at around $150/mt, and those of hydro-copper arriving at ports in late November were about $130/mt. Sellers intended to raise their prices amid the tight supply in the market, thus the transactions were rare.
The premiums of high-quality pyro-copper were around $150/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $143/mt and $135/mt respectively. The high-quality copper under the bill of lading was quoted at $145/mt, and that of mainstream pyro-copper and hydro-copper were $130/mt and $122/mt respectively.
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