The price was published in the price book as -$65.70 per tonne (-451 yuan) on Monday January 7, when it should have been -$64.54 per tonne (-443.04 yuan)
Fastmarkets MB’s price book and database have been updated to reflect this correction.
Fastmarkets MB calculates the physical arbitrage for importing into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai time, taking account of VAT and import duties (where applicable), physical premiums and exchange rates at the time of the comparison. On January 2, 2018, Fastmarkets MB improved its calculation to more accurately reflect arbitrage windows for physical trading. In addition, Fastmarkets MB has adopted China's latest announced VAT of 16% to its arbitrage calculation, effective May 2, 2018. For more details on the formula, please read this pricing notice
To provide feedback on this calculation or if you would like to provide price information by becoming a data submitter, please contact Archie Hunter by email to: firstname.lastname@example.org
. Please add the subject heading FAO: Archie Hunter, re: LME/SHFE copper arbitrage
For details of physical premiums in Shanghai, and other Asian locations, please see the Fastmarkets price book