GLOBAL COPPER WRAP: Shanghai premium supported by shipping delays; European rates rise

Copper cathode premiums in Shanghai were confined to a narrow range in the week to Tuesday January 26, with a pick-up in spot buying due to a delay in Chilean shipments providing support.

  • Chilean cathode shipments delayed due to high swells, leading to limited supply of top brands in China
  • Delays said to be supporting spot trading in Shanghai, with buyers looking for imported cargoes
  • Premiums rise in Germany and Italy, while remaining flat in the US and Southeast Asia

Active spot buying in Shanghai amid Chilean shipment delays
Spot buying interest in Shanghai has picked up this past week amid supply concerns due to delays in Chilean copper cathode shipments.
Multiple Chinese buyers of Chilean state-owned miner Codelco's copper cathode told Fastmarkets last week they had been informed of potential delays of up to three weeks, citing difficulties for container ships to approach and dock at ports amid high waves since early January.

Fewer imported cargoes are said to be available in the Chinese...

Published

Archie Hunter

Julian Luk

Rijuta Dey Bera

January 27, 2021

06:45 GMT

Hong Kong, London, New York