Copper premiums tick up across European markets
- Higher premiums seen in different markets in Europe due to factors including lower stocks, the impending peak demand season and maintenance outages at smelters
- US premiums rise to their highest level since August 2016 amid rising freight rates and costly fuel surcharges
- Shanghai premiums keep largely flat amid low liquidity due to widening import loss and LME Asia week event in Hong Kong last week
Premiums for Rotterdam on a cif basis
widened upward to $41-52 per tonne on Tuesday May 22 with tonnages seen to be trading above $50 per tonne, compared with $41-50 per tonne a week ago.
“A major South American producer is said to be selling more cathodes to Shanghai citing freight parity changes, leading to less arrivals at Rotterdam recently,” a major copper buyer said.
“Even if we sell ER cathodes to Asia at...