All European market eyes on annual benchmark premiums
- Rotterdam premiums hold ahead of annual contract talks coming next week.
- Asia spot market remains weak amid close arbitrage window.
- Absence of spot business in US copper market keeps premium flat.
Fastmarkets assessed the copper grade A cathode premium, cif Rotterdam
at $40-50 per tonne on Tuesday, unchanged since April 21.
Market participants dealing in copper cathode business across Europe had little to say about spot market activity in the region this week, with ample availability of material, a high London Metal Exchange three-month copper price and the return of a contango in LME copper’s forward curve supporting the well-established current market level.
LME copper’s cash/three-month spread was recently in a $5.25 per tonne contango, flipping from a $1.50 per tonne backwardation last week. The metal’s outright price on the LME closed at $6,692 per tonne on Tuesday....