GLOBAL COPPER WRAP: Shanghai cif premium refreshes 2018 low; LME spreads return to contango

Chinese copper premiums continued to soften in the week ended Tuesday December 18 amid steep import losses and bleak domestic demand, with the grade A copper cathode premium cif Shanghai sliding to a level last seen in late January.

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...

Published

Ellie Wang

Julian Luk

December 19, 2018

06:00 GMT

London, Shanghai