GLOBAL COPPER WRAP: Shanghai premiums sink further; European, US markets flat

Shanghai copper cathode premiums continued to soften in the week ended Tuesday November 12 as a result of low buying interest and a poor import arbitrage, while rates in Europe and the United States were unchanged week on week.

  • Shanghai cathode premiums weighed down by low buying interest, unfavorable arbitrage.
  • Premiums in Europe and US flat, but spot demand remains weak.

Unfavorable arb, low buying interest continue to weigh on Shanghai premiums

Copper cathode premiums, both on a cif basis and bonded warehouse basis, in Shanghai continued to decline this week amid an absence of buying interest due to wide import losses.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai at $65-75 per tonne on Tuesday, down by $2-3 per tonne from $67-78 per tonne a week prior.

The import arbitrage loss for bringing copper cathode into China stood at an average of $69.39 per tonne for the week ending Tuesday, compared with an average loss of $78.21 per tonne a week earlier....


Anna Xu

Hassan Butt

Rijuta Dey Bera

Sally Zhang

November 13, 2019

05:54 GMT

Shanghai, London, New York