Copper - SHMET Import Market Briefing

Date 12/7/2017 4:49:00 PM Source: SHMET

Premiums for CIF Shanghai stood at $65-$80while that for shanghai bonded warehouse flatted at $75-$85, a continuing component of previous re-stabilization. LME C-3m valued was $32.5C. SHFE Spot/LME 3M arb stayed steadily at around 7.87, with an import gain of RMB44/mt, whilst 3M SHFE/LME arb may lose RMB450/mt, with ratio of 7.87.

LME copper inventory increased by 1125 tonnes to 193,675 tonnes. At present, the market has lost the sensitivity to the change in inventory. Continuous inventory decline and increase can hardly affect the market price. At present, the market’s preference for the macro turned to be weak and the price pressure will be followed by the acceptance of consumption, which will also oscillate in this range. The import traders make inquiries and the market transaction is more stable.  


Edited by SHMET