- Cif Shanghai copper premium rebounds slightly from last week’s almost three-year low.
Freight rate increase, strong contango on the London Metal Exchange boosts US copper premium.
European copper premiums unchanged in quiet physical market.
The cif Shanghai copper premium rebounded slightly in the week ended Tuesday January 14 after tumbling to its lowest level in almost three years in the week prior amid sell-offs at the end of 2019, a lack of demand and poor arbitrage conditions.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
at $35-50 per tonne on Tuesday. This is up by $2 per tonne from $33-48 per tonne on January 7, the lowest since March 2017 basis the midpoint.
“The rally is reasonable as traders are now focusing on cathodes that will arrive after the Chinese New Year holiday (January 24-30),” a Shanghai-based trader told Fastmarkets.
“Offers are up for material arriving after...