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

Key data from July 2 pricing

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

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