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Copper import losses shrink

Date 12/6/2018 4:39:59 PM Source: SHMET

SHANGHAI, Dec 6 (SHMET) – The spread between LME cash copper and LME 3M copper continued to narrow in backwardation structure, while the backwardation of SHFE copper had no big change. High-quality copper’s price rose in domestic trade, providing a support to Chilean copper produced through pyro-metallurgical technology.

Premiums for goods under bill of lading in Shanghai held at $50-$62/mt cif, and those for goods under warrants in Shanghai bonded warehouse were at $55-$68/mt cif. The SHFE/LME cash copper price ratio registered at 8.03, and SHFE/LME 3M arb was at 7.98. LME cash copper was offered flat against LME 3M copper. Spot import losses was at around 290 yuan/mt, compared with import losses of 685 yuan/mt in forward market.

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