Muted spot activity keeps cif Shanghai premiums flat
European premiums unchanged; Aurubis keeps annual premium at $96/t
US premium steady but market faces potential downward pressure
Lackluster spot activity keeps cif Shanghai premiums flat
Premiums for copper cathode on a cif basis in China were unchanged over the past week amid limited spot activity due to a closed arbitrage window for copper cathode imports into the country.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai at $70-83 per tonne on Tuesday October 22, unchanged from a week earlier.
The arbitrage window remained closed over the past week, with importers standing to lose $55.55 for each tonne of copper brought into the country on Tuesday, according to Fastmarkets’ calculations. This is roughly the same as a week earlier, when the import loss was $56.46 per tonne, and was significant enough to deter participants from engaging in spot business....