Copper – Los Pelambres copper mine workers are planning a new strike

Date 3/13/2018 4:34:25 PM Source: SHMET

Premiums for CIF in Shanghai stood at $65-$83, while that for shanghai bonded warehouse flatted at $70-$85. LME C-3m valued was $37C. SHFE Spot/LME 3M arb stayed steadily at around 7.50, with a spot import gain of RMB 152/mt, whilst 3M SHFE/LME arb may have a loss of about RMB 299/mt, with ratio of 7.48.

News came that Los Pelambres copper mine workers in Chile are planning a new strike, producing 356,300 tonnes of copper in 2017. There is an abundant supply in spot market. Due to the fact that the contango can cover the cost, many traders holding cargoes sit on the sidelines. Traders make regular inquiries in the copper imports market and the market transaction is relatively stable due to a micro balance of the import window. 

Edited by SHMET