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Shanghai premiums up as favorable arbitrage remains in place
Copper cathode premiums in Shanghai continued to rise for a fourth straight week amid a more favorable import arbitrage on bringing the red metal into China since May.
Fastmarkets assessed the premium for grade-A copper cathode at $50-69 per tonne cif Shanghai on Tuesday June 11, up from $47-65 per tonne a week earlier.
This compares with a multi-year low of $36-60 per tonne hit in early May before the import arbitrage ratio started to improve.
Meanwhile, the in-warehouse premium in Shanghai rose to $50-67 per tonne on Tuesday, up $2 at the top end from the $50-65 per tonne on June 5.
A drawdown in Shanghai-bonded copper stocks - which points to a improvement in downstream...