Elsewhere, premiums across Europe and the United States were unchanged, though demand was said to be firm in the latter.
Shanghai premium continues to soften
European rates flat on soft demand, ample supply
US market steady, demand said to be strong
Shanghai premium continues to slide
In China, the premium for copper cathode on a cif Shanghai basis continued to soften this past week due to sluggish downstream demand, high availability of stocks in the country and a sustained backwardation in the LME’s cash/three-month copper spread.
Fastmarkets assessed the premium for grade A copper cathode, cif Shanghai, at $50-65 per tonne on February 26, narrowing downward by $5 per tonne from $50-70 per tonne a week ago. The latest assessment marks the premium’s lowest level since September 2017.
“Downstream buying in China was limited even though downstream smelters have largely resumed operations after the Lantern Festival (February 19). Obviously [smelters] cannot afford the recent...