Cesco Week, annual contract negotiations dampen Shanghai spot trading
- Fastmarkets launches fortnightly price assessments for equivalent grade (EQ) copper cathodes on a cif Europe and cif Shanghai basis.
- Copper cathode premiums remained flat in Southeast Asia and Europe in the midst of contract negotiations.
- Weak demand across Europe will limit domestic market for the remainder of the year, participants say.
Spot trading activity was subdued in Shanghai in the week ended Tuesday November 26 with participants attending Cesco Asia Copper Week, a major event in the global copper market.
Ongoing negotiations for annual contracts also led to a reduction in spot business being carried out.
“Discussions [for annual premiums] are still ongoing. [It is a] tough one amid lackluster demand,” a Shanghai-based trader said.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai at $60-73 per tonne on Tuesday, widening...