Shanghai cif premiums at four-month low
US annual contracts in focus
Large-scale cancellations of European on-warrant stocks
Shanghai premiums drop to three-month low, bonded premiums stable
Copper cathode premiums on a cif basis in Shanghai continued to decline while low bonded stocks kept the premium on material warehoused there steady.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai at $58-70 per tonne on Tuesday December 3, down by $2.50 per tonne at the midpoint from $60-73 per tonne a week prior.
The enduring lasting negative arbitrage and a traditionally low season during the final months of the year are weighing on premiums.
The average arbitrage loss was $62.91 per tonne for the week ending Tuesday December 3 compared with an average loss of $47.15 per tonne...