COPPER SNAPSHOT: Copper premium ranges in Singapore and Johor narrow; market awaits PPS tender

Key data from July 2 pricing

July 3, 2015

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