The higher offers and deals for copper cathode basis cif and in-warehouse Shanghai heard on Thursday follow a narrowing of import losses between London and Shanghai since last month and tighter availability of certain brands of cathode in Shanghai.
“Top Chilean electro-refined (ER) brands like CCCP and ENM have traded at premiums as high as $85 per tonne, while offers were heard higher still at around $88-89 per tonne this week - though no deals above $85 per tonne have been heard in the market,” a Shanghai-based trader said.
“The most important point is that Shanghai-bonded copper stocks are pretty low now and continue to decrease. Market participants can rarely find top brands like CCCP and ENM in the Shanghai-bonded zone at the moment,” the trader added.
Shanghai-bonded copper stocks stood at 360,000-365,000 tonnes at the end of August, marking a month-on-month decrease of 7.8% from 391,000-395,000 tonnes in July, according to...