GLOBAL COPPER WRAP: Global premiums largely steady; healthy demand, scrap tightness support European markets

Copper premiums remained largely stable around the world this past week. While European premiums were supported by strong industrial demand and low scrap availability, little import interest was reported in Shanghai. In the United States, the number of spot deals has started to increase, which could be a sign that the long-awaited rise in premiums might happen soon.

  • European premiums firm on healthy demand, tight availability of scrap
  • Shanghai cif premiums little changed on low import interest
  • US Midwest copper premium still flat, but upward pressure continues to build

European premiums supported by healthy demand, scrap tightness
Copper premiums in European markets remain supported by healthy demand from the industrial sector and reported copper scrap tightness.
Metal Bulletin assessed the premium on a delivered basis for Germany at $80-90 per tonne on Tuesday April 24, unchanged from a week ago.
While major producers are reported to have already sold out their spot tonnages for April, smaller tonnages could be sold at above $90 per tonne in Germany.
“Even for semi-fabricators, which had been struggling in recent years, now managed to pass on the increasing cost by raising prices. Copper demand is good as many German end-users are operating at full capacity,” a copper trader told Metal Bulletin.

Meanwhile,...

Published

Danielle Assalve

Gladdy Chu

Dalton Barker

Julian Luk

April 25, 2018

04:35 GMT

London, Shanghai, Chicago