Tight Available Supply in the Market, Spot Premiums Rise [SMM Yangshan Copper Spot]

On July 7, the average warrant price rose $6/mt from the previous trading day to $80/mt (price range: $75-80/mt); the average B/L price rose $6/mt from the previous trading day to $80/mt (price range: $74-86/mt); the average price of EQ copper (CIF B/L) rose $3/mt from the previous trading day to $48/mt (price range: $41-55/mt), with quotations referencing cargo arrivals from July to mid-August.

The spot cargo supply remained tight today, continuing to give suppliers confidence to hold prices firm. Offers were limited and premiums kept climbing, but downstream players indicated that current consumption demand was moderate and were reluctant to accept high-priced cargoes. It was heard that yesterday, a warrant for delivery in early to mid-July was traded at $85/mt, while today, a warrant for delivery in late July was offered at $90/mt. Registered ER B/L for arrival in late July was offered at $95/mt, and a small volume of EQ copper for late July was offered at around $60/mt.