Premiums for copper cathodes in Shanghai's bonded zone traded in the week to Tuesday July 20 at their highest levels since May, while market sources in the United States speculated about possible rises.
Premiums in Shanghai rise on strong domestic marketFresh pandemic concerns damp Southeast Asia demandUS premiums steady at high levels.
China premium rebounds strongly
China's import appetite for copper cathodes improved notably in the week to July 20, supported by improving arbitrage conditions.
Market interest in bonded cathodes was particularly strong because of a high premium in China's domestic spot market, which increased importers' profits.
"We've had a lot of inquiries for bonded cathodes since late last week," a Shanghai-based trader said. "Good brands are trading around 400 yuan [$62] per tonne in the domestic market, which means more profits for us if we import."
"Market participants are all looking for...