The return of a contango across LME copper's benchmark cash/three-month spread prompted fluctuations across Asian physical premiums this week, after sizeable cargoes were delivered into LME-registered warehouses.
Yet ample availability and lackluster demand in both the US and European grade A cathode markets saw premium levels hold while the metal's three-month LME price continues to trade firmly above $6,500 per tonne.
Spread flip sees buyers hold material in Asia US consumer demand plateaus Rotterdam inflows cool off buying momentum in Europe Shanghai premiums bump on contango return, Southeast Asia sinks further
Copper cathode premiums in Shanghai rose for the first time in a month as LME futures spreads flipped to contangos, following large-scale deliveries into LME warehouses.
The Fastmarkets Copper grade A cathode ER premium, cif Shanghai, assessment was $45-50 per tonne on Tuesday September 29, up from $40-50 per tonne the previous week.
Deliveries...