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.
National Day holiday, closed arb deters interest
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.
It is becoming difficult to sell cargoes...