China Copper Premium Surges on Fears of Weaker Yuan: Chart
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Even as London copper prices remain mired near their lowest since 2009, the premium paid for the metal in the Chinese port of Yangshan is at a three-month high.
Buyers who haven’t locked in long-term supply are driving gains on fears that further depreciation in the Chinese currency will only make the metal more expensive in yuan terms, according to analysts at SMM Information & Technology Co. and Maike Futures Co. in Shanghai.