Summary Hong Kong, July 2 news, industry sources said, China's copper LME-registered warehouses importers are long lines waiting to extract them has bought copper, while long queues delivery bottlenecks LME-registered warehouses have driven Chinese spot copper premiums Has risen by three points since mid-June...
Hong Kong, July 2 news, industry sources said that China's copper importers are waiting in the LME registered warehouse line to pick up the copper they have bought, and the LME registered warehouse's long queue of bottlenecks has promoted China's spot copper premium It has climbed by a third since mid-June. 
The delayed shipment of LME warehouse metal means that thousands of tons of copper will be shipped to China from LME registered warehouses in the coming months, which may provide support for copper prices.
Since the beginning of the year, international copper prices have fallen by 12%. In June, Chinese importers increased their purchases of copper as imports became profitable and land supply declined.
At the same time, China's liquidity tension has also led to an increase in demand for imported copper for financing instruments. Copper traders used copper as collateral to obtain loans.
However, traders pointed out that the LME registered warehouse shipment bottleneck problem - that is, the amount of metal flowing into the LME registered warehouse is higher than the shipment volume, artificially causing tight supply, which promotes the spot copper premium to China to rise to more than four years high. .
A senior executive at a large trading company said, “Chinese importers are waiting in line at the LME registered warehouse to wait for copper stocks to be shipped. It is expected that these copper will arrive in China in August and September.†The executive declined to give his name because of Not allowed to talk about the matter to the media.
Traders said that the cost of shipping copper from ME Asia warehouses to China is still lower than the spot copper premium paid by Chinese buyers, and most Chinese importers will ship copper from Malaysia's registered warehouse in Johor.
A copper buyer in China said that the cost of shipping copper from the LME Asia registered warehouse to Shanghai is about $150-160 per ton.
But in the past few weeks, Chinese importers have paid the sellers a spot premium of up to $210 per tonne for the spot of the Shanghai bonded warehouse or the copper supply to be arrived in Hong Kong. This is the highest level since April 2009, when it rose to $250 per ton.
Two other traders said that in the third quarter, China's spot copper premiums are expected to rise to $300 per ton.
Currently in LME's registered warehouses in Asia, Malaysia's Johor Port warehouse has the largest copper stocks. On Tuesday, the warehouse's copper stocks were 265,625 tons, of which 80.40% were export warehouse receipts.
Traders said that although the waiting time for metal delivery in the LME registered warehouse in Johor Bahru is about four months, Chinese buyers are still seeking to buy copper stocks from LME's registered warehouse in Johor.
Analysts said that given the high level of spot copper premiums sold to China, it is expected that the amount of copper inventories flowing into LME's registered warehouses in Johor will decline in the coming months.
Data show that China exported 92,508 tons of refined copper to Malaysia in the first five months of this year, a significant increase of 833 percent over the same period last year. Traders said that this was mainly because an international trader shipped copper from the Shanghai bonded warehouse to Malaysia because copper was at a low level.
On June 21, copper stocks at the Johor Port warehouse climbed sharply from a record high of 21,525 tons at the end of last year to a record high of 269,550 tons.
According to traders' estimates, the current copper inventories in Shanghai bonded warehouses are about 400,000 tons, the lowest since the first quarter of 2012, and about 1 million tons in late January this year. Most of the copper inventories in Shanghai bonded warehouses have been It is locked by so-called financing transactions or large importers as rotating stocks, so copper stocks in these bonded warehouses cannot enter the spot market immediately.
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