Elsewhere, soft demand in Europe and the United States kept premiums in both regions steady.
Quiet conditions due to Chinese holiday keep Shanghai premiums flat
A slowdown in spot activity due to China’s National Day holiday and sellers’ resistance to lower bids kept copper premiums in Shanghai steady this past week.
Fastmarkets assessed the copper grade-A cathode premium, cif Shanghai at $68-83 per tonne on Tuesday, unchanged since September 20.
“Vacation mode is still in effect because [we] just returned from the holiday, and some participants are still on vacation,” a Shanghai-based trader told Fastmarkets.
“We are looking for price direction after the weeklong holiday, and not in hurries to make deals,” the trader added.
A second Shanghai-based trader echoed this view, saying that he expected business activity to pick up once more market participants returned from their holidays.
The arbitrage loss between London and Shanghai stood at $29.67 per tonne on Tuesday, slightly wider...