Yangshan Copper Trading Remains Sluggish and the Premiums are under Pressure

SHANGHAI, Nov 10 (SMM) - Yangshan copper premiums were quoted at $135-147/mt under warrants today, and the average premium was $5/mt lower than the previous trading day, with the quotation period of November. Quotes for bill of lading stood at $118-138/mt, and the average premium dipped $5/mt 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 0-3 were $9.75/mt, and the import losses were 400 yuan/mt.

The import trading remained sluggish today, and no transactions were made in the early trading. Sellers were eager to ship their goods and lowered their quotes, thus the buyers got more chances to lower the traded prices. However, the huge import losses weakened the buying interest, especially the purchases of warrants.    

The premiums of high-quality pyro-copper were around $147/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $140/mt and $132/mt respectively. The high-quality copper under the bill of lading was quoted at $138/mt, and that of mainstream pyro-copper and hydro-copper were $126/mt and $118/mt respectively.