Yangshan Copper Premium Declines Further Amid Weak Demand and Import Subsidy Quota Exhaustion

Publicado: Nov 8, 2024 16:50

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This week, the Yangshan copper premium continued its downward trend, with market transactions further weakening. According to SMM, due to the exhaustion of import subsidy quotas at some ports, coupled with currently weak consumer demand, the overall willingness of downstream buyers to accept deliveries remains low until there is a clear profit margin for imports. The US dollar-denominated copper market has been weakening since the National Day holiday. On the bill of lading front, some holders of goods were forced to continuously lower the premium and discount to offload their inventories this week. However, since import profit and loss were not significantly in the red this week, most traders chose to transfer their supplies to bonded warehouses or directly arrange imports to minimize losses. In terms of warehouse receipts, transactions were scarce this week amid weak consumer demand. Looking ahead, with a still high volume of electrolytic copper arrivals next week, the pressure on holders to offload their goods will remain intense. Moreover, consumer demand is unlikely to increase significantly in the short term, posing considerable pressure on the upside of the Yangshan copper premium.

Declaração sobre a Fonte de Dados: Com exceção das informações publicamente disponíveis, todos os demais dados são processados pela SMM com base em informações publicamente disponíveis, comunicação de mercado e com base no modelo de base de dados interna da SMM. São apenas para referência e não constituem recomendações para a tomada de decisão.

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