Copper cathode premiums softened in Shanghai over the past week, but strengthened in the Italian market. Meanwhile, the US market traded sideways, with market participants there expecting an upward move in the near term.
Shanghai cif premiums soften as arbitrage diminishes Upside seen in Southeast Asia US market trades sideways; near-term rise eyed Italian premium ticks higher, rest of Europe flatShanghai copper premiums soften after post-holiday buying interest subsidesCopper premiums in Shanghai retreated this week on thinner spot trading after post-Lunar New Year holiday buying activity began to subside."We still receive many inquiries, yet the premiums are not as high as before. No transactions have been seen at the level of $90 per tonne," a Shanghai-based trader told Metal Bulletin. Metal Bulletin assessed the premium for grade A copper cathode on an in-warehouse basis, Shanghai at $70-85 per tonne on Tuesday March 13, down from $70-88 per tonne a week ago, which was the highest level this year. Widening import losses on the Shanghai-London arbitrage have been cited as a reason for the diminished trade activity. On Tuesday, importers stood to lose $111.71...