Spot Premiums In Guangdong Copper Market To Fall This Week

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Spot premiums moved at lows last week. As of last Friday, premiums of domestic regular brands stood at 280-290 yuan/mt over the SHFE 2307 zinc contract, and spot premiums of Shuangyan zinc were 370-390 yuan/mt over the contract. Premiums of imported zinc fell significantly to 260 yuan/mt over the SHFE 2307 zinc contract, which was directly delivered to downstream buyers.

The premiums in Shandong rose slightly last week. Downstream buying interest was strong early last week due to falling copper prices. Spot premiums were around 70 yuan/mt. At the end of the week, the tight supply of goods in Shanghai was not alleviated.

PrNd oxide prices rose steadily.

The spot nickel premiums rose yesterday on low market supply.

Shanghai nonferrous metals closed mostly with losses in day trading.

In May, the market players will still take a wait-and-see approach.

It is expected that in May, lithium carbonate prices will bounce back.

The average monthly price of battery-grade lithium carbonate was 192,895 yuan/mt in April, down 39% month-on-month, and the suppliers were reluctant to ship cargoes in late April amid the increasing speculative sentiment.

China imported 12,700 mt of refined zinc in March, up 170.37% on the month but down 40.09% on the year. The imports totalled 19,300 mt in the first three months of 2023, down 53.75% YoY, while total exports of refined zinc during the same period stood at 2,400 mt. This pointed to net imports of 16,900 mt.