- Non-registered cathodes trade at discounts in China
- European market breathes easier as contango returns
- All eyes on annual contract talks in United States
EQ cathodes a tough sell ahead of Chinese holidays
EQ copper cathode buyers in Shanghai have been requesting steeper discounts in the past two weeks.
“Clients are trying hard to talk it down to a discount of over the mid $20s,” a trader said, noting the difficulty to destock ahead of National day holidays starting October 1.
“It is going to be quite tough for EQ copper cathodes sellers until the premium for London Metal Exchange-registered cathodes rebound and the arbitrage loss narrows,” the source added.
Fastmarkets assessed the copper EQ cathode premium, cif Shanghai
at -$15 per tonne to -$5 per tonne on Tuesday October 6, compared with -$10 per tonne to $0 per tonne a fortnight ago.
“Nobody is willing to buy it, not even...