GLOBAL COPPER WRAP: Copper premiums up in Shanghai, Europe, in week of large LME deliveries

Copper price premiums became firmer in Shanghai and Europe over the past week when 51,050 tonnes of cathode material were delivered to the London Metal Exchange, illustrating the growing disparity between the paper and physical markets.

  • Shanghai bonded warehouse premiums firm to 1-month high
  • Cathode premiums firm in Italy and Germany, with small shorts covering at higher levels
  • Slew of deliveries hits LME warehouses in Asia and Europe

On Thursday and Friday February 8 and 9, copper cathodes were delivered into LME warehouses in Kaohsiung, Busan, Port Klang and Rotterdam, indicating significant spare stocks of the metal.
“[The market is] definitely bearish in nature,” one copper trader said of the influx.
LME copper prices have rebounded from losses conceded during last week’s global market slump. The London bourse’s three-month price rebounded above the mark of $7,000 per tonne on Tuesday February 13, although the euro and emerging market currency pricing remained slightly lower because of the gains made by the US dollar.
Improving spot demand boosts European premiums

Copper premiums became marginally firmer in Germany and Italy after trades were reported to Metal...


Kiki Kang

Kirk Maltais

Archie Hunter

February 14, 2018

03:25 GMT

London, New York, Shanghai