Shanghai cif copper premiums up amid supply constraints; bonded trading improves
- The Democratic Republic of Congo (DRC), Zambia and Peruvian exports cut.
- India, Malaysia demand chopped on lockdowns.
- Europe and US markets see little business.
Shanghai premiums rose on a cif basis with trade buyers looking to ensure adequate supply for April.
Fastmarkets assessed the copper grade A cathode premium, cif Shanghai
, at $53-68 per tonne on Tuesday March 31, up from $50-65 per tonne a week ago
and at its highest level since mid-December.
“I am looking for cathodes arriving in April, but found nothing. I don’t think I am the only one having difficulties in hunting for cargoes,” a Shanghai-based trader said.
Sentiment in the market was buoyed by a rumor that the Chinese government will introduce a nationwide VAT cut, stoking buying from traders.
The in-warehouse Shanghai copper premium was unchanged this week at $55-68...