Copper warrants stay short

Date 10/11/2018 3:54:54 PM Source: SHMET

SHANGHAI, Oct 11 (SHMET) - Premiums for goods under bill of lading in Shanghai came to $100-$115/mt cif, and those for goods under warrants in Shanghai bonded warehouse stood at $100-$120/mt cif. The SHFE cash/LME 3M arb registered at 8.12, and SHFE 3M and LME 3M arb held at 8.09. LME cash copper was at contango of $12/mt against LME 3M copper. Spot import losses stood at around 617 yuan/mt, compared with import losses of 1,140 yuan/mt in forward market.

Import loss is large as import price can barely go up with harder clearance of bill of lading, while warrants stay short.

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Edited by SHMET