Asian copper premiums broadly steady in run-up to February holidays
European copper premiums soften in line with weaker demand, souring sentiment
US premium unchanged, market activity quiet due to holiday weekend
Shanghai premiums mainly remain stable ahead of holiday
In China, Shanghai copper cathode premiums were little changed over the past week amid lackluster demand in the country ahead of the Lunar New Year holidays (February 4-10), persistent arbitrage losses and a contango in nearby London Metal Exchange spreads – all of which combined to dampen buyers’ appetites and reduce spot liquidity.
Fastmarkets assessed the premium for grade A copper cathode cif Shanghai at $62-75 per tonne on January 22, narrowing upward by $2 per tonne from $60-75 per tonne a week ago, after a number of deals for solvent extraction-electrowinning (SX-EW) cargoes were settled at higher levels.
The premium for grade A copper cathode, in-warehouse Shanghai, was assessed at $63-80 per...