GLOBAL COPPER WRAP: Shanghai spot premiums rise; US, European markets flat

Copper premiums rose in Shanghai after volatile exchange prices and improving Chinese demand narrowed a negative import arbitrage in the week to Tuesday November 24.

  • International Energy Exchange launched a bonded copper futures contract on November 19, which derives and ascribes value to copper stored in the Shanghai bonded zone
  • US mating season for 2021 annual premiums is drawing to a close, with sources insisting the cathode rate would remain flat for next year
  • Buyers and sellers in Southeast Asia have begun to trade numbers for annual contract negotiations, with expectations for a rollover in terms
  • Rotterdam on-warrant London Metal Exchange stocks dropped by 10,000 tonnes to 67,300 tonnes after a large cancellation on November 19

Shanghai spot premiums tick up on narrowing import losses
Copper premiums rose in Shanghai this week after volatile exchange prices and improving Chinese demand indicators caused losses on importing the red metal into China to narrow.

Fastmarkets assessed the copper grade A cathode ER premium, cif Shanghai at $45-55 per tonne on Tuesday, up by $5 per...

Published

Archie Hunter

Rijuta Dey Bera

November 25, 2020

04:27 GMT

New York, London