GLOBAL COPPER WRAP: Demand boosts European premium; market mostly wary of LME price rise

Copper cathode premiums rose in Europe in the week to Tuesday February 23 due to rebounding demand from end users and economies beginning to recover from winter pandemic lockdowns.

Elsewhere the markets were quieter, with consumers waiting until the last minute to buy spot cathode given soaring London Metal Exchange copper prices. The exchange's three-month contract hit a 10-year high of $9,342 per tonne on Tuesday. 

Europe premium rose to two-year high.  US premium widened lower.  Shanghai market on the sidelines. Demand drives delivered European premium to two-year high
The European market cited consistently strong demand for cathode this week. Fastmarkets’ copper grade A cathode premium, delivered Germany assessment was $85-95 per tonne on Tuesday, up from $80-90 per tonne two weeks ago and at the highest since March 2019.

Orders among fabricators continued to rise,...

Published

Archie Hunter

Julian Luk

Rijuta Dey Bera

February 24, 2021

12:02 GMT

London, Hong Kong, New York