Asia copper premiums diverge on contrasting demand
- Premiums rise in Shanghai but dip in Southeast Asian ports.
- May off-warrant stock data released by LME shines light on Rotterdam stockpile.
- Potential Haden resumption could boost US supply.
Premiums for copper cathodes across Asia moved in different directions over the past week, as arbitrage boosted demand in China, but manufacturers in Southeast Asian countries declined spot units.
The Fastmarkets copper grade A cathode ER premium, cif Shanghai
assessment was $87-95 per tonne on Tuesday, up from $80-88 per tonne a week earlier.
Shanghai premiums rose after supply concerns in Chile, the world’s top copper-producing country, sent exchange prices soaring on Monday
morning trading, with big price moves briefly opening an import arbitrage.
The bump has driven traded premiums higher, although most buyers...