Imported Copper Transactions are in a Stalemate Near the Year-End

SHANGHAI, Dec 28 (SMM) - Yangshan copper premiums were quoted at $30-50/mt under warrants today, and the average premium was flat from the previous trading day, with the quotation period of January 2023. Quotes for bill of lading stood at $25-40/mt, and the average premium remained unchanged from the previous trading day, with the quotation period of January 2023. The quotation refers to the prices of goods arriving at ports in December 2022 and mid-January 2023. Discounts of LME cash to 3M contract were $21.5/mt.

The import losses were about 720 yuan/mt over the SHFE 2301 copper amid the further drop in the SHFE/LME copper price ratio. Spot premiums in domestic market slumped further, with the average discount of  135 yuan/mt. Quotes of mainstream pyro-copper arriving at ports in late January 2023 were $60/mt, with the quotation period of February 2023. In the market, buyers offered critically low purchase prices, while the sellers held a wait-and-see sentiment before the New Year. The transactions were in a stalemate, and almost no trading was made.