Elsewhere, there was limited spot trading across global markets despite the London Metal Exchange’s cash/three-month spread swinging to a contango.
- Shanghai cif premium drops to its lowest since late January
- LME three-month spreads swing to contango
- Premiums unchanged in Southeast Asia, Europe on thin spot trading
Shanghai cif premium refreshes 2018 low
In China, copper premiums remained under pressure this past week due to a closed arbitrage window and sluggish demand in the run-up to the end of the year.
Fastmarkets assessed the Shanghai cif copper premium
at $55-70 per tonne on December 18, matching the premium’s lowest level for this year reached on January 22. The premium had been assessed at $55-72 per tonne on December 11.
This fresh low highlights a large discrepancy between spot...