GLOBAL COPPER WRAP: US premium sinks to nearly 2-year low, Asian rates also soften

Copper premiums dropped in the United States and across Asia in the week to Tuesday June 2 while weak demand projections for the second and third quarters continue against consistently strong supply.

  • US premium drops to near 2-year low.
  • Shanghai premiums continue slide from May peaks.
  • Shanghai bonded stocks at lowest on Fastmarkets’ records.
  • Aurubis completes Metallo acquisition.

US copper premium slips to two-year low
In the US, the premium for copper cathodes sunk to its lowest level in almost two years, with end demand for the red metal hit particularly hard in May.
Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US at 6-7 cents per lb on Tuesday, down from 6.5-7 cents per lb a week earlier.
This is the lowest level for the premium since June 12, 2018, when it was assessed at 6-6.5 cents per lb.

The copper premium has declined despite the seasonal uptick in freight charges due to increased business from the fresh produce sector in the summer months, while the unprecedented disruptions...


Archie Hunter

Julian Luk

Rijuta Dey Bera

June 03, 2020

04:31 GMT

New York, London