Copper premiums in other global regions were unchanged amid lackluster spot activity.
Shanghai premium narrows on low bonded stocks, tighter supply of SX-EW cargoes
- Big trading houses have been buying SX-EW cathode in the Shanghai market for possible delivery against London Metal Exchange warehouses.
- A positive LME forward spread continues to support copper premiums in Europe and the United States despite scant spot trading.
In China, the cif Shanghai copper cathode premium narrowed this week on low levels of bonded stocks and tighter supply of SX-EW cathode.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
, at $55-68 per tonne on Tuesday, tightening from $53-69 per tonne a week earlier.
Shanghai-bonded copper stocks are at their lowest since November 2018, totaling 391,000-395,000 tonnes on Monday, according to Fastmarkets data. Stocks fell by 5.8% since July 15 and are down by 10.3%...