Meanwhile, disruptions at copper smelters globally are supporting spot cathode premiums in China despite a backwardation in the LME forward curve and import losses making trading less profitable.
Cif Leghorn premiums rise to highest in 30 months
Shanghai Cif premiums down $3 per tonne
US focus on annual contracts
Vessel delays push Italian copper premium to multi-month high; some European buyers accept offers from Aurubis and Codelco
The copper cathode premiums cif Leghorn rose by $10 to $70-80 per tonne this week, with multiple deals reported in the range, on increasing spot inquiries due to delayed shipments from South America.
Delayed vessels from Peru and Chile are reportedly the reason for the sudden increase in spot premiums, a trader said.
One copper buyer expects an October shipment to arrive at Italy in November - he would not be surprised if some producers would have...