Chinese smelters are starting to export copper cathodes because the LME price is outperforming that of the SHFE.
Copper price rally sees best grade scrap “sold above its intrinsic value” to China, while spot appetite for cathodes weakened to further weigh on cif Shanghai premium.
Southeast Asian copper premium rose slightly on interest from Vietnam.
Freight rate hikes in the US push up copper premium despite muted activity.
China premiums extend declines; SEA market up slightly
China’s premiums for imported copper cathode continued to fall in the week to Tuesday April 27, and market participants have begun to step out of the market in advance of the May Day holiday on May 1-5 due to lack of import activity.
Fastmarkets assessed the copper grade-A cathode premium, cif Shanghai at $33-43 per tonne on Tuesday, down by $2 per tonne from $35-45 per tonne a week ago...