National Day holiday, closed arb deters interest
- Spot trading interest for imported copper cargoes in Shanghai remains low on closed arbitrage window.
- Cargoes arriving at late September are unpopular because Chinese markets will be closed for the 70th anniversary of the formation of the People’s Republic of China in early October.
- Copper premiums for Southeast Asian rose on improved market interest.
- European spot copper premium was flat on ample copper availability and a relaxed forward curve.
In China, the copper premium for imported cathodes into Shanghai edged down this week due to subdued demand. Market participants pointed to a continued negative arbitrage between London and Shanghai and reluctance to secure material ahead of Golden Week in early October.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
at $65-80 per tonne on Tuesday, down slightly from $65-82 per tonne a week prior.