Spot copper premiums strengthened in Europe in the week ended Tuesday May 29, with a strong contango on the London Metal Exchange boosting sellers' resolve to deal at higher levels. Asian rates, meanwhile, were flat with the previous week's levels.
Italian premiums at their highest in over two years German premiums reach their highest level since December 2016 Asian markets largely steady; eyes on Sterlite's Tuticorin smelter closure US market flat amid limited trade activity Copper premiums hit two-year highs in ItalyCopper cathode premiums in Italy strengthened to their highest level in more than two years over the past week, with consumers continuing to cover physical short positions.Metal Bulletin assessed the spot copper premium basis cif Livorno/Leghorn at $65-72 per tonne on Tuesday, marking the highest level since April 2016, basis the midpoint of the range.This was up from $65-70 per tonne on May 22 and reflected trades reported to Metal Bulletin at $70-71 per tonne, with offers remaining higher."Spreads have been pretty healthy so sellers are more optimistic on the offer," a trader selling into Italy said.The LME's cash-July spread traded in a $20.60 per tonne contango on...