GLOBAL COPPER WRAP: Shanghai premium widens, other terms flat

Chinese buyers returned to the market to pick up prime cathode brands in the week to Tuesday November 10, supporting the Shanghai copper premium at the top end of its range.

  • China imported 41.4% more unwrought copper and copper products in January-October, from a year ago
  • Physical spot business was muted across Asia, with consumers less inclined to purchase cathodes while London Metal Exchange copper prices soar
  • Europe remains the epicenter of LME on-warrant stocks of copper, with Rotterdam holding 60% of the exchange's total cathode stocks
  • US, Rotterdam premiums flat in sterile spot market

Shanghai premium widens, spot demand muted on LME price rise
Copper premiums in Shanghai were supported at the top end of the range this past week after buyers returned to the market to pick up prime cathode brands, but spot demand for other qualities remained limited.
Fastmarkets' assessment of the copper grade A cathode ER premium, cif Shanghai was $40-50 per tonne on Tuesday, widening from $43-48 per tonne a week earlier.

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Archie Hunter

Rijuta Dey Bera

November 11, 2020

02:03 GMT

New York, London