Chinese buyers are paying a record premium of over $200 a ton to import copper. The benchmark price in London, however, slid to a one-week low on Friday.
Bloomberg tied Friday’s drop to a tech selloff and oil at its highest since April. The physical market, however, keeps tightening as copper piles up in the US.
China Pays Up as Its Copper Stocks Run Thin
The Yangshan premium tracks the extra cost Chinese importers pay over London Metal Exchange (LME) prices. The Kobeissi Letter reported it spiked past $200, the highest in Fastmarkets data going back to 2017.
Source: BeInCrypto