Elsewhere, soft demand and ample availability in Germany caused premiums there to weaken, while quiet conditions kept the US copper market flat.
Shanghai premiums edge up
- Premiums in Shanghai move up on improved arbitrage
- Demand woes soften German delivered premium in Europe
- US Midwest-delivered premium steady amid slow Q2
Copper premiums in Shanghai edged up this past week amid a more favorable arbitrage on bringing the metal into China and limited availability, but greater demand, for SX-EW cathode.
Fastmarkets assessed the premium for grade-A copper cathode
at $45-63 per tonne cif Shanghai on Tuesday, up by $3-7 per tonne from $38-60 per tonne a week earlier.
Similarly, the in-warehouse premium in Shanghai
rose to $45-63 on Tuesday, also up by up by $3-7 per tonne from $38-60 per tonne on May 21.
The number of deals and inquiries heard in the Shanghai market have increased since the start of May...