Fastmarkets assessed the cif Shanghai premium at $45-65 per tonne on Thursday, from $47-62 per tonne on Wednesday. The high end of the range normally represents the premium for Chilean ER brands, CCCP and ENM. The low end of the range normally represents the premium of SX-EW cargoes.
The premium reached its lowest level since May 2017 when it dipped to $47-62 per tonne on Tuesday.
Chuquicamata cathode out of market since December
The high end of the range was driven up by tightness of Chilean cathode.
Codelco has faced delays in returning its Chuquicamata refined smelter in Chile to full capacity after it reduced operating rates in late 2018 due to a technical fault at the Teniente copper converter.
The producer originally expected to resume full...