Key data from July 2 pricing
Singapore in-warehouse premium | ||||||
This week | Prior week | This week’s weighted average premium | Last week’s weighted average | LME stocks as of July 2 (tonnes) | LME stocks as of June 25 (tonnes) | LME stocks as of June 2 (tonnes) |
15-25 | 15-40 | 19.17 | 18.59 | 18,375 | 18,425 | 18,475 |
Johor in-warehouse premium | ||||||
This week | Prior week | This week’s weighted average premium | Last week’s weighted average | LME stocks as of July 2 (tonnes) | LME stocks as of June 25 (tonnes) | LME stocks as of June 2 (tonnes) |
15-25 | 15-40 | 19.17 | 18.59 | 77,450 | 77,550 | 77,725 |
South Korea cif premium | ||||||
This week | Prior week | This week’s weighted average premium | Last week’s weighted average | LME stocks as of July 2 (tonnes) | LME stocks as of June 25 (tonnes) | LME stocks as of June 2 (tonnes) |
55-65 | 55-65 | 60.63 | 58.75 | 41,800 | 41,900 | 40,350 |
Key drivers
Singapore and Johor in-warehouse premium ranges narrow with not much material on offer
Market in Asia quiet as demand slows down
South Korean market waiting for PPS tender on July 3 for 2,500 tonnes of copper
Key quotes
“Continued to see small enquiries for copper warrants in Singapore from trading firms,” a broker said in a note to clients, adding “July 15 Shanghai import loss at $40, which also generated some warrant interest from clients.”
“We sold small volumes at an $80 per tonne premium last week to South Korea because someone really needed the material,” a trader said, adding that “It’s as depressed as China so premiums are closer to $55-65 per tonne on cif basis”
See also:
Key data from June 25 pricing session
European copper cathode market is under strain as strong imports from Russia and Africa exacerbate a domestic imbalance between supply and demand.
For more on Metal Bulletin’s daily Shanghai copper premiums, click here to see Pricebook.
Shivani Singhshivani.singh@metalbulletinasia.com
Twitter: @ShivaniSingh_MB