Grade A copper cathode premiums in Asia softened in the week to Tuesday July 21, with a higher LME three-month price limiting buying opportunities, while tight spreads kept premiums in Europe and the United States steady week on week.
Asian sellers heed caution amid Chile supply woes. Rotterdam stock decline perplexes European participants. Spot market remains quiet in the US.
Premiums begin to trend down in Shanghai
Copper premiums continued to fall in China this week, with higher London Metal Exchange prices deterring physical buyers of imported metal.
Fastmarkets'
copper grade A cathode premium, cif Shanghai assessment dipped to $80-93 per tonne on Tuesday, from $80-95 per tonne in the previous week.
Meanwhile the
copper grade A cathode ER premium, bonded in-whs Shanghai fell to $95-100 per tonne on Tuesday from $100-105 per tonne previously.
Business has been limited with the
copper import arbitrage trading at its widest loss since early June at around -$50 per tonne. The arbitrage loss had reached $57.32 per tonne on June 8.