Traders reported that spot premium quotations rose slightly over the past two weeks. This week, spot premiums were being quoted in the $60-80/t range, while premiums for SXEW cathode were at $50- 60/t. We believe that the rising SHFE/LME cash price ratio is the main driver of the spot premium rally. Moreover, the strengthening of the Chinese yuan against the US dollar reached an exchange rate of 6.5.
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