SMM

Yangshan copper premiums with a quotation period in July stood at $39-53/mt under warrants during June 19-21, with the average down $1.5/mt from Friday June 16. Those stood between $40-53/mt under bill of lading with a quotation period in July, with the average down $9/mt. As of June 21, the SHFE/LME copper price ratio stood at 8.11, and import losses stood at 1,060/mt against the SHFE July copper contract. For warrants, the high premiums in the domestic spot market limited the declines in Yangshan copper premiums compared to bill of lading, narrowing the price spread between warrants and bill of lading to