The copper premium was more than $100 per tonne for the first time in three years during the week ended Tuesday September 18, with the price in the Shanghai market continuing to rise because the import arbitrage was wide open.
Premiums became firmer across Asia, while the European and US markets were preparing to receive long-term contract offers from major producers. The copper premium was well above $100, both per tonne cif and bonded Shanghai.The Shanghai premium was at its highest since October 2015.Premiums rose elsewhere in Asia in line with gains in China, because of limited regional supply. Shanghai premium surges on arbitrage profitsThe premium for spot copper cathodes rose above $100 per tonne in Shanghai for the first time in three years.Grade-A cathodes traded at $95-112 per tonne on Tuesday, for bonded warehouse cargoes in Shanghai.The price of copper cathodes, cif Shanghai, was $90-107 per tonne, with the premium showing daily gains."Because of the arbitrage, there are so many buyers in the market... I haven't...