China’s copper import premiums drift lower; EQ market accelerates decline
The non-exchange-deliverable equivalent-grade (EQ) copper cathodes market in China declined this week due to absence of buying interest amid poor arbitrage terms, Fastmarkets learned.
Fastmarkets assessed the copper EQ cathode premium, cif Shanghai
at a $0-15 per tonne discount to the London Metal Exchange copper price on April 6, compared with a discount of $5 per tonne to a premium of $15 per tonne a fortnight ago.
“EQ market fell at a faster pace [than for standard cathodes, but it is] in line with declines of premiums for registered copper cathodes. I am not keen to buy [in the spot market] due to the availability of cheaper materials out there,” a copper fabricator source told Fastmarkets.
The premiums for imported grade A copper cathodes to China continued to decline this week, though at a slower pace than previously....