Yangshan Copper Premiums Continued to Fall

SHANGHAI, Mar 16 (SMM) - Yangshan copper premiums averaged $24.28/mt under warrants in February, down $9.22/mt MoM; and $20/mt under bill of lading, down $4.38/mt MoM. The import losses were 500-1000 yuan/mt based on the most-traded SHFE copper contract. In the domestic market, the social inventory of copper cathode accumulated more than expected after the CNY holiday, and thus the domestic premiums continued to decline. However, it is worth noting that the prices of the bill of lading have hit the lowest point in the middle and late February, and thus the premiums of bill of lading of Yangshan copper began to rise.