Shanghai copper premiums fell in the week ending Tuesday July 2 after import arbitrage losses widened, while copper premiums in Italy and the United States were flat amid stagnant demand.
Cif Shanghai premium narrows after import arbitrage loss between London and Shanghai widensNarrowing contango in London Metal Exchange forward spreads and tighter credit weaken trader confidence in holding onto the red metalSlack demand leaves copper premiums flat in Italy, the USShanghai premiums dipped due to wider import loss and tighter creditCopper premiums for Shanghai on both cif basis and on bonded warrants basis dipped on Tuesday July 2 due to a widening import arbitrage loss between London and Shanghai and a narrowing contango in the cash/three-month copper spread since late June, as well as a tightening in credit issued by banks in the middle of the year.Fastmarkets assessed the premium for grade-A copper cathode at $52-68 per tonne cif Shanghai on Tuesday, with the lower end of the range down by $2 per tonne from $54-68 per tonne a week earlier.Fastmarkets' assessment for Shanghai in-warehouse premium was at $50-67 per...