Loading ...then there’s no issue with the difference between Shanghai and Crimex, and no arbitrage to be had by anyone. In fact, today’s pm fix dropped to $82.11, subtract 13% from that and paper should drop to the mid $71 area.
In conclusion, paper is setting the actual price. Shagnhai then should have to adjust down to meet the Crimex paper price.
I believe CPM is Jeffrey Christian’s company. Remember him from the old days, GATA didn’t think highly of him because he was a defender of the bankers and claimed there was no manipulation.
Regardless, if they add the 13% VAT, then that’s what they do, and there’s no debate about it.
Asian Guy has been going on about nothing.