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Shanghai copper premiums soften after post-holiday buying interest subsides
Copper premiums in Shanghai retreated this week on thinner spot trading after post-Lunar New Year holiday buying activity began to subside.
“We still receive many inquiries, yet the premiums are not as high as before. No transactions have been seen at the level of $90 per tonne,” a Shanghai-based trader told Metal Bulletin.
Metal Bulletin assessed the premium for grade A copper cathode on an in-warehouse basis, Shanghai at $70-85 per tonne on Tuesday March 13, down from $70-88 per tonne a week ago, which was the highest level this year.
Widening import losses on the Shanghai-London arbitrage have been cited as a reason for the diminished trade activity. On Tuesday, importers stood to lose $111.71...