European market slips on backwardation.
Shanghai cif premium slightly lower due to import arbitrage loss and backwardation in the nearby spread; the rest of Asia was stable.
US markets quiet ahead of annual contract talks.
China premium falls on thin trading; other Asian premiums stable
The cif Shanghai copper premium was slightly lower at the midpoint in the latest assessment on Tuesday, while the range widened due to fading buying interest. The high quality electro-refined (ER) copper premium was comparatively firm week on week.
The Shanghai copper premium on a cif basis was assessed at $85-105 per tonne on Tuesday, compared with $90-103 per tonne a week prior.
The fall in the midpoint of the cif Shanghai premium was attributed to a sustained import loss and wide forward backwardation on the LME.
The SHFE vs LME import arbitrage was at a loss of $170.65 per tonne as of...