GLOBAL COPPER WRAP: Japan, Chile supply hitches drive up Shanghai premiums; US, Europe stable

Copper cathode premiums in China rose on Tuesday February 2, with market participants expecting strong buying activity on expectations of restricted supply after the country's Lunar New Year holiday comes to an end in mid-February.

China premiums up but buying muted ahead of holidaySupply issues in Japan, Chile restricting availabilityLondon Metal Exchange price drop encourages some spot buying.Shanghai premiums rise on supply hitches
Premiums for copper cathodes in Shanghai over the assessment week at their highest levels since August 2020, albeit in illiquid trading conditions.
Fastmarkets' copper grade A cathode premium, cif Shanghai, was assessed at $60-75 per tonne on February 2, up from $60-70 per tonne a week earlier.
Supply issues were appearing in Chile, where high swells along the country's coast were preventing producers such as Codelco from loading shipments onto vessels for export.

Rough sailing conditions off Chile during January are nothing new; what is unusual is that they have lasted for nearly a full...

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