Key China Copper Premium Climbs Above Zero as Orders Pick Up [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
The premium paid on imported refined copper rose to $3 a ton on Friday, according to data from Shanghai Metals Market. Copper in Shanghai's tax-free bonded zone had been selling at a highly unusual discount to London Metal Exchange prices since May, after buyers balked at paying record copper prices amid soft underlying demand for the metal. Copper's surge to a record on wave of speculative money has run out of steam in recent months as the market's focus shifted back to weakness in China, the biggest consumer. There have been tentative early signs that the market is firming in recent weeks, with the Yangshan premium turning positive again, while copper stockpiles in China fell last month after surging in May. Still, there remains a question mark over whether the uptick in purchases is simply a result of delayed buying, versus a real improvement in underlying demand. The latest data from the Shanghai Futures Exchange shows copper inventories have edged up again in the past week,
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