Key data from July 23 pricing session 

Singapore in-warehouse premium ($/t)
This week Prior week weighted average  Previous weighted average LME stocks July 23 (t) LME stocks July 16 (t) LME stocks June 23 (t)
10-25 10-30  17.22 18 22225 20975 18425
             
             
Johor in-warehouse premium  ($/t)
This week Prior week weighted average  Previous weighted average LME stocks July 23 (t) LME stocks July 16 (t) LME stocks June 23 (t)
5-25 10-30 17.22 20 76850 76850 77375
South Korea cif premium  ($/t)
This week Prior week weighted average  Previous weighted average LME stocks July 23 (t) LME stocks July 16 (t) LME stocks June 23 (t)
55-70 50-80 62.86 65 42900 42950 41700


Shanghai in-warehouse premium ($/t)
Thursday July 23 A day earlier Jul-16 Weighted average Previous day's average Jul 16 Weighted average
60-75 60-75 55-75 65 65 65
Shanghai cif premium ($/t)
Thursday July 23 A day earlier Jul-16 Weighted average Previous day's average Jul 16 Weighted average
60-75 60-75 55-75 65 65 65


Key drivers:
Shanghai copper premiums rise on better arbitrage opportunity, read here for more details.

South Korea premiums fall, tracking lower South Korea’s Public Procurement Service (PPS) tender.

Glencore won the most recent tender by South Korea's PPS to deliver 2,500 tonnes of copper at premium of $69 per tonne on cif basis.

The last PPS tender in July at $72-75 per tonne South Korea cif.

Indonesia’s Gresik smelter has shut down.

Key quotes 
Enquiries In Shanghai are mainly for popular Chilean and domestic brands.

“The market is not short of material. People expect Q3 and Q4 stockpiles to increase. I heard [there are] still 600,000-700,000 tonnes in Shanghai bonded warehouses."
- Trader in Asia  

“I don’t think this premium [in Shanghai] can stay low for a long time and there is some arbitrage opportunity.”
- Second trader
 
“There is metal available in warehouses, I have been offered Busan at $5 [per tonne] and Port Klang at $5 per tonne.”
-Third trader

“There is no spot market for South Korea…fabricators have enough stock.”
- Fourth trader

Shivani Singh
shivani.singh@metalbulletinasia.com
Twitter: @ShivaniSingh_MB