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 Bulletin at higher prices. Market sources reported...