GLOBAL COPPER WRAP: China inertia caps Shanghai premiums; Europe, US premiums stable

Global copper premiums were mostly unchanged in the week to Tuesday February 4, with broad illiquidity and macroeconomic risk-aversion a key headwind for spot demand, while an 11% drop in the London Metal Exchange copper price did not spark fresh buying interest.

China's spot market barren amid logistics clamp Tenders are a key factor behind higher Southeast Asian premiums Strong availability tempers optimistic European market United States' spot demand minimal Shanghai premiums static, China logistics on lockdown
Premiums paid to ship copper cathodes to China are static after the Lunar New Year holidays, with an enforced break and ban on office work in Shanghai meaning many fabricators and trading houses are closed.
"Now a lot of people are extending the holiday so it will be interesting to see if market participants actually come back to the [spot] market or not," a trader said.
Fastmarkets' copper grade-A cathode premium, cif Shanghai rose to $37-55 per tonne on Tuesday February 4, from $37-52 per tonne before the holidays on January 31, but spot deals are thin on the ground.

Fastmarkets' copper grade-A cathode premium, in-whs Shanghai is stable at $45-62 per tonne, but...

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