Shanghai premium rebounded due to earlier-than-expected 3% lower VAT
- Shanghai premium rebounds as a cut in the VAT rate stimulates traders’ appetite
- Demand in Europe remains stagnant amid big delivery into LME-listed Rotterdam warehouses
- US premiums stable, while market participants are ready to move forward into the liveliest season
In China, the premium for copper cathode on a cif Shanghai basis continued to rebound on Tuesday, with a 3%reduction in the VAT rate slated to come into effect on April 1 stimulating buying interest.
Fastmarkets assessed the premium for grade A copper cathode, cif Shanghai
at $48-72 per tonne on Tuesday from $45-70 per tonne a week prior.
The low end of the premium increased by $3 week on week as lower quality copper cathode prices followed those of top brands CCCP and ENM higher. A number of deals for ESOX solvent extraction-electrowinning (SX-EW) brands were reported at...