Shanghai premiums continue sliding; India demand uptick keeps Southeast Asia tight
- Arbitrage window remains closed with import loss to send copper to China at $107.83 per tonne as of Tuesday
- EQ cathode reported offered at a discount and around parity to Chinese importers
- An outage at Birla Copper said to be boosting spot demand from India this week
Cif copper premiums in Shanghai fell to their lowest levels since January this week, as market conditions worsen for holders of prompt cargoes.
Fastmarkets’ assessment of the daily copper grade A cathode ER premium, cif Shanghai
was $40-50 per tonne on Tuesday, down from $45-55 a week earlier. This is its lowest level since January 8 when the premium was assessed at $40-48 per tonne.
Although domestic demand for copper in China remains firm, high exchange prices have seen a wave of scrap metal unleashed, dampening the need for manufacturers to...