Low spot appetite for Shanghai copper as arbitrage window stays closed
Copper premiums in Shanghai softened slightly from a week ago with lower offers heard for top brands of cathode.
Fastmarkets' benchmark grade A copper cathode premium, cif Shanghai
was at $40-50 per tonne on Tuesday October 27, narrowing downward by $3 per tonne from $40-53 per tonne a week earlier.
There was interest for top brands of cathode such as CCCP, ENM and ILO during the week with traders eager to include such brands in their November-delivery cargoes, but premium levels – even those for top brands of cathode – fell to below $50 per tonne earlier this week, market sources said.
On Tuesday, top-branded cathodes were offered and sold in the mid-$40s while traders attempted to offload cargoes before they hit the port of Shanghai. Fastmarkets is monitoring the situation to see if these fire-sale deals are indicative of a...