- Shanghai copper premiums drop after stocks rise.
- Rotterdam premium stable amid low spot appetite, summer closures.
- US premium flat, but a slow recovery possible going forward.
Decline in Chinese premiums continues; Southeast Asia market steady
Premiums for copper cathode in China continued to soften this week; with arbitrage opportunities limited and visible stocks rising, importers are said to be less keen to purchase units.
Fastmarkets' assessment of the copper grade A cathode ER premium
dropped to $70-78 per tonne on Tuesday August 4, the lowest it has been since June 16.
On-warrant stocks of copper at Shanghai Futures Exchange warehouses totaled 62,136 tonnes on July 31, up from 36,763 tonnes at the end of June.
A backwardation in London Metal Exchange futures spreads had...