Shanghai premium hits nine-month high
- SX-EW cathode brand price gap emerges
- End-use demand a missing factor for European premiums
- Subdued spot buying appetite hinders US premium
The copper grade A cathode premium, cif Shanghai
hit a nine-month high of $67-80 per tonne on Tuesday due to a narrower import arbitrage loss during the week and less available cargo in the Shanghai market.
The cif Shanghai copper cathode premium rose by $6.50 per tonne at the midpoint on Tuesday compared with a week prior.
“Traders bringing copper cathodes into China stood to lose less in the week ended on Tuesday August 27,” a trader in Shanghai said. “On Thursday August 22 and Friday August 23 there were even some profits for a time to bring copper cathodes into China,”
The trader added that the lower arbitrage loss combined with the upcoming busy season in September and October...