- 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....