SMM Yangshan Copper Premiums and Import Profit/Loss
SMM Yangshan Copper Premiums (warrants) and Import Profit/Loss serves as the indicator for domestic copper cathode supply-demand balance. In the case oversupply in China, SHFE copper will underperform LME copper, and import loss will expand in this scenario which later suppresses import demand. As such, Yangshan copper premiums drop, and vice versa.
SMM Aluminium Ingot Social Inventory Days
SMM China aluminium ingot social inventory covers the data of over 60 third-party warehouses in China and is updated on a weekly basis. The inventory days will be calculated based on the actual monthly consumption of aluminium in China.
SMM China Zinc Weekly Concentrate TC is negatively correlated with SMM 0# Zinc Ingot Price
SMM takes zinc concentrate with a grade of 50% as the benchmark, and collects the actual traded TCs between domestic mines and smelters, and then obtains the final weekly/monthly zinc concentrate TC on the combination of domestic zinc concentrate supply and demand.