US cathode premium rises as base price rally increases financing costs
- US premium rises on financing costs
- Container freight turmoil pushes Southeast Asia, Shanghai SX-EW levels higher
- Stocks continue to decline in Rotterdam
In the US, the copper cathode premium rose in response to rising finance costs due to the consistently high base price of the red metal.
Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US
at 7-7.5 cents per lb on Tuesday, narrowing upward from 6.5-7.5 cents per lb a week earlier.
The most-active March-delivery Comex copper contract settled at $3.499 per lb on Tuesday, down by 0.5% from $3.5165 per lb the day before.
Similarly, the cash copper contract on the London Metal Exchange closed the official session at $7,635 per tonne on Tuesday, down by 0.3% from $7,656.50 per tonne on Monday.