Copper premiums go down

Date 11/9/2018 4:53:26 PM Source: SHMET

SHANGHAI, Nov 9 (SHMET) –High premium support was broken as import window remained closed for long term. Besides, considering possible clouds of shadow inventory, copper price is anticipated to see further drop.

Premiums for goods under bill of lading in Shanghai came to $85-$100/mt cif, and those for goods under warrants in Shanghai bonded warehouse was at $95-$115/mt cif. The SHFE/LME cash copper price ratio registered at 8.05, and SHFE/LME 3M arb was at 8.06. LME cash copper was at backwardation of $17.5/mt against LME 3M copper. Spot import losses was at around 1028 yuan/mt, compared with import losses of 1074 yuan/mt in forward market.

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