Less bonded stocks and imports support Shanghai premium
- Lower bonded stocks and fewer imports in June capped supported the cif Shanghai premium
- Shanghai bonded stocks are down by 21% month on month as of mid-July.
- Ample scrap availability dampens US copper cathode spot trade
- European premium static due to traders retreating from the spot market during the summer
The cif Shanghai copper premium rose slightly this week, supported by less availability especially of top brands, which offset the effect of a bigger arbitrage loss for metal imported from London to Shanghai. Trading volume was thin in the past week.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
at $53-69 per tonne on Tuesday, up by $1 per tonne from a week prior.
Copper bonded stocks in Shanghai are at a seven-month low as of mid-July and China imported much less copper in June than...