Yangshan copper premium rises above $100 per tonne as China’s physical demand tightens
📈 The Yangshan copper premium has climbed to around $100–103 per tonne, up from a low near $20 in late January and reaching its highest level in more than a year.
🏭 The increase signals stronger demand for refined copper imports into China. Beijing’s crackdown on invoice trading in the scrap market has redirected some buying toward refined cathodes, while around one in seven Chinese smelters was reportedly offline during the second quarter.
📦 LME inventories have fallen to their lowest level since March as more metal moves toward China. Severe weather in Chile has also disrupted several mines and transport operations, adding further pressure to the supply outlook.
🔎 The sharp rise in the Yangshan premium suggests that copper is being supported by genuine physical market tightening rather than speculative flows alone. However, the premium could ease if Chilean supply recovers, Chinese smelters restart operations, or global demand weakens.
#Copper $XAUT $XAG $COPPER