SHANGHAI, Nov 8 (SMM) - Yangshan copper premiums were quoted at $137-152/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 $123-143/mt, and the average premium was flat 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 were $10.25/mt, and the import window remained open.
The SHFE/LME price ratio improved today. With the increase in the proportion of LME cancelled warrants, the backwardation structure of the LME copper spread narrowed further, which should have promoted market trading. However, due to the high domestic discounts, which discouraged the buyers’ buying interest, the market witnessed fewer quotes, and the transactions were extremely slack.
The premiums of high-quality pyro-copper were around $152/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $145/mt and $137/mt respectively. The high-quality copper under the bill of lading was quoted at $143/mt, and that of mainstream pyro-copper and hydro-copper were $131/mt and $123/mt respectively.
