US copper premium stalls; demand robust
- US premiums at 6-month high
- EQ premiums slide in China after switch to scrap
- Italy rates rise.
The US Midwest copper market was steady in the week to Tuesday May 4 on subdued spot market activity.
Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US
, at 7.75-8.25 cents per lb on Tuesday, unchanged from the week before but still at the highest level since late October last year.
“We’re looking at basically the same kinds of premiums. I thought we might get a breakout in May, but it hasn’t happened yet,” one trader said.
The ready availability of scrap was holding the premium steady despite escalating freight rates, according to a second trader. “Inland freight’s up, ocean freight’s up, but scrap is keeping the market in balance,” he said.
Consumers were particularly keen to buy recycled...