GLOBAL COPPER WRAP: Premiums soften in China; European, US markets stable

Copper premiums in China and other Asian regions softened over the past week after a top Chinese importer sold off cargoes at below market levels. Meanwhile, the US and European copper markets were stable.

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...

Published

Ellie Wang

Dalton Barker

Hassan Butt

April 10, 2019

11:21 GMT

Shanghai