GLOBAL COPPER WRAP: Chinese premiums at five-month low; EQ premium plummets on copper theft

The spot copper market was quiet for Shanghai due to the closed arbitrage window and backwardation costs remaining in place in the week to Tuesday August 25, while a dramatic African copper theft dealt a blow to consumer confidence in EQ cathodes.

The London Metal Exchange copper cash/three-month spread stood at a $17.25 per tonne backwardation in the morning of Wednesday August 26. Cif Shanghai and bonded copper premiums both dropped due to weak spot appetite for copper. China EQ premium also dropped following cargo theft. US and European copper premiums unchanged week on week.
Backwardation, import loss drag Shanghai copper premium to five-month low
Benchmark Shanghai copper premiums remained at their lowest level in five months this week, with spot appetite hit by an import loss and the rising cost of holding inventory amid a backwardation in the LME spread.

Fastmarkets assessed the copper grade A cathode premium, cif Shanghai at $50-70 per tonne on August 25, compared with $55-73 per...

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