SHANGHAI, Nov 22 (SMM) - Yangshan copper premiums were quoted at $85-100/mt under warrants today, and the average premium was $2/mt higher than the previous trading day, with the quotation period of December. Quotes for the bill of lading stood at $77-97/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. Discounts of LME cash to 3M contract were $40/mt, and the import losses were about 500 yuan/mt over the SHFE 2212 copper contract.

Domestic spot premiums stood firmly at 400 yuan/mt, thus the spot import profits were 140 yuan/mt. In the import market, traders preferred the goods arriving at ports in late November, but the sources were scarce due to the approaching arrival date. In general, premiums of imported copper rose amid the improvement of the SHFE/LME copper price ratio and the contango structure of the LME copper spread.

The premiums of high-quality pyro-copper were around $100/mt under warrants, and mainstream pyro-copper and hydro-copper were quoted at $95/mt and $85/mt respectively. The high-quality copper under the bill of lading was quoted at $97/mt, and that of mainstream pyro-copper and hydro-copper were $90/mt and $77/mt respectively.