GLOBAL COPPER WRAP: Shanghai premiums ease further on closed arb

A closed arbitrage for imports into China reduced interest for spot trades and, subsequently, premiums eased in Shanghai, but in Southeast Asia and the United States premiums were stable.

Closures related to Covid-19 in the region and better import opportunities into China are keeping Southeast Asia premiums steady. High freight and logistics costs are supporting US copper premiums at their highest level since Fastmarkets started tracking in 2017. Shanghai premiums subdued after arb shuts
The Shanghai market cooled down soon after the import arbitrage window turned negative on August 23, according to market sources, with less appetite for imports and thinner liquidity. 
"The market right now still seems stable. [There has been] no big drop, but it has been gradually shifting into a buyer's market," a trader in north China said.
"Spot appetite is dead except to make up for the lost volumes in long-term contracts," another Chinese trader said.

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