Shanghai premiums hold at a 2-year low
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Shanghai copper premiums maintain two-year low in lackluster market
The Shanghai copper premium remained at its lowest level since March 2017, with market participants noticing the weakness resulting from a still dampened buying appetite.
Fastmarkets assessed the premium for grade-A copper cathode at $36-60 per tonne basis cif Shanghai on May 7, widening downward by $2 per tonne on the low end of the range from last week.
This level is the bottom since the first quarter of 2017, when the premium reached as low as $30-45 per tonne.
“The market is quiet stagnant and gradually we’re losing confidence. We’re not sure when things will pick up again, it’s been a tough year so far for us,” a senior trader based in Shanghai said.
“Most traders are attending LME Week in Hong Kong, so...