SMM

Yangshan copper premiums with a quotation period in December stood at $96-112/mt under bill of lading during November 27-30, with the weekly average up $3/mt from a week earlier. Those stood between $99- 113/mt under warrants with a quotation period in December, with the weekly average up $4/mt. Import premiums for EQ copper with a quotation period in December stood at $41-47/mt, cif, with the weekly average up $3/mt. As of 15:00 CST November 30, the SHFE/LME copper price ratio stood at 8.08, and import losses stood at around 310.37 yuan/mt. Yangshan copper premiums rose before falling in tandem with the SHFE/LME copper price ratio during the week. The domestic trade premiums exceeded 500 yuan/mt, translating to high import profit against Shanghai spot copper. Trading of imported copper slated to arrive soon was brisk. As the SHFE/LME copper price ratio gradually weakened, offers for cargoes with QP in the next month increased. Near the end of the year, state-owned enterprises need to liquidate inventory, weighing on premiums. As of Thursday, import premiums for highquality pyro-copper stood at around $115/mt under warrants, and $108/mt for mainstream pyro-copper. Those for hydro-copper stood at $100/mt. On the B/L front, premiums stood at $112/mt for high-quality copper, $104/mt for mainstream pyro-copper, and $95/mt for hydro-copper. The average traded import premium for EQ copper stood at around $43/mt, cif.