Shanghai cif, in-warehouse premiums both down
China’s Tewoo Group liquidates copper stocks
Softness filters through to rest of Asia
European premiums stable amid fresh inflows
US copper premium, participants still expect Q2 rise
Asian premiums broadly down; top Chinese importer liquidates stocks
In China, the premium for copper cathode basis cif Shanghai continued to fall this past week after a top Chinese importer began offloading its stocks into the spot market last week, sources told Fastmarkets. Weak spot demand also contributed to the decline.
Fastmarkets assessed the premium for grade A copper cathode at $40-65 per tonne basis cif Shanghai on Tuesday April 9, down by $3-5 per tonne from $45-68 per tonne a week earlier.
Tewoo Group, a top copper cathode importer based in the Chinese city of Tianjin, was said to be dumping cargoes into the domestic spot market at much lower premiums due to the company’s...