GLOBAL COPPER WRAP: Shanghai bonded copper premiums up as stocks drop 19% June-July

Stocks and metal movement were in focus in the copper cathode markets in the week ended Tuesday July 9, causing the Shanghai premium to rise for bonded material.

Shanghai bonded stocks down by 19% June to July.  Combined Rotterdam, Trieste LME stocks up by 14,300 tonnes.  Other than Shanghai bonded, premiums flat globally. Shanghai bonded warehouse premiums rise as stocks fall 19% June-July Premiums for copper cathodes stored in Shanghai’s bonded warehouse network rose on Tuesday in line with declining stocks there in June to July. Fastmarkets' assessment of the copper grade A cathode premium, in-whs Shanghai was $50-70 per tonne on Tuesday, up by $3 per tonne on the high end of the range from a week earlier. Slim availability of fresh CCCP and ENM brand cathodes from C.Steinweg warehouse is supporting the high end of the bonded warrants premium in Shanghai, market sources said. “I made multiple deals on CCCP and ENM bonded warrants at $70 per tonne, although it is low season for copper consumption,” a trader based in Shanghai told Fastmarkets. “Bonded stocks are...

Published

Ellie Wang

Archie Hunter

Hassan Butt

Michael Roh

July 10, 2019

15:54 GMT

London, Shanghai, New York