Copper premiums ticked higher in Shanghai, Taiwan, Japan and Southeast Asian markets this week on solid demand and the fresh cancellation of 16,000 tonnes in London Metal Exchange Asian sheds on April 3.
LME's on-warrant stocks down by 19,275 tonnes from a week ago and the cash/three-month spread narrowed to a contango of $35.50 per tonnePremiums broadly unchanged in other markets following Easter holidays, except a slight retreat in Rotterdam Solid copper demand in Asia Shanghai premiums on a cif basis increased slightly to $70-82 per tonne this week from $67-80 per tonne a week ago, with more trading interest seen in cif cathodes than in-warehouse stocks. Sellers are not desperate to offload material on the spot market at low levels, lending support to premiums, with minimal activity seen below $70 per tonne. "We only...