Shanghai copper premiums flat
- Shanghai copper premiums unchanged amid volatile futures prices, poor arbitrage.
US, European premiums flat as coronavirus dents spot activity.
Copper cathode premiums in China were unchanged in the week ended Tuesday March 24, with volatility in the futures market and wide arbitrage losses resulting in limited spot activity.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
at $50-65 per tonne on Tuesday, unchanged since March 10.
Dramatic falls in the copper price on the Shanghai Futures Exchange has dented buying appetite in the physical market, causing trading to grind to a halt
“It was a crazy week for SHFE copper, which tumbled to the daily down limit on two consecutive days [on March 18 and 19]. Investors were scared and left the market,” a Shanghai-based trader told Fastmarkets.
The most-traded May copper contract on the SHFE closed at 38,910 yuan per tonne on March...