Shanghai copper premiums refresh nine-month highs
- Shanghai bonded stocks hit lowest levels since 2016
- Codelco keeps European annual premium unchanged at $98/t
- Thin spot trading caps US premium
Historic low level of Shanghai bonded stocks helped drive the in-warehouse Shanghai copper cathode premium up to the highest level since November 2018.
Fastmarkets assessed the copper grade A cathode premium, in-whs Shanghai
at $70-85 per tonne on Tuesday, up by $3 per tonne from $67-82 per tonne on September 3.
Shanghai bonded stocks
are at their lowest since February 2016 at 334,000-337,000 tonnes as of September 9, according to Fastmarkets' survey. This is down by 7.35% from the level seen as on August 27.
Historically, the cif Shanghai premium rises in September and October due to increased consumption of copper during that period.
“Cargo-holders refuse to sell goods at low levels, especially with optimistic outlook for September...