GLOBAL COPPER WRAP: Shanghai premiums firm on arb trading; European illiquidity continues

Chinese copper premiums continued their uptrend in the week to Tuesday June 23, with market participants noting brand-dependent demand as a driver for the latest increases, while US and European premiums were unchanged in illiquid markets.

Brand-dependent, near-term demand strengthens Shanghai premium  Sellers continue to dominate in Europe  Sluggish US spot market hinders premium movement Shanghai copper premiums surge on arb buying
Premiums for copper cathodes in Shanghai continued their upward momentum in the week to Tuesday June 23, with arbitrage trading opportunities causing demand for imports to rise.
Fastmarkets' copper grade A cathode premium, cif Shanghai was $77-95 per tonne on Tuesday, up from $63-77 a week earlier.
In line with the demand increase, the market has become heavily brand dependent. Codelco CCCP cathodes were offered as high as $100 per tonne, although Fastmarkets is yet to observe deals at that level.

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