Shanghai copper premium range narrows; pressure on the upside as sellers hold off

Trading activity in the Chinese copper market has slowed this week, but pressure was on the upside, as some sellers preferred to hold on to stocks due to the narrowing backwardation on the London Metal Exchange.

The most recent assessments and offers were widely quoted in the range of $80-90 per tonne on an in-warehouse basis in Shanghai. The range narrowed slightly above the $70-90 assessment by Metal Bulletin sister publication Copper Price Briefing last week. For ocean cargoes, premiums were also quoted in the range of $75-90 per tonne cif Shanghai, unchanged from a week ago. “A large number of warehouse receipts are controlled by big trading...

Published

Kiki Kang

January 22, 2015

08:46 GMT

Shanghai