The United States remains the strongest market for copper cathodes, with the premium remaining at elevated levels in the week to Tuesday June 29, while premiums for imported cathodes in China are showing signs of recovery after sinking steadily for the past few months.
US cathode premium holds at eight-year high. European market digests news of Russia export tax. China market firms midweek but sentiment remains weak. US copper premium steady at high level
The tradeable range for the US copper premium remained unchanged on Tuesday June 29 after climbing the previous week. There was little spot business reported and most sources polled agreed with Fastmarkets' existing range.
The copper grade 1 cathode premium, ddp Midwest US held at 8.0-8.5 cents per lb week on week, the highest since May 2013.
"There's still some physical tightness in the cathode market," one trader said. "Some producers aren't operating well." This isn't due to major impediments like accidents, but rather an accumulation of small operational challenges, he said.
A second trader said producers have not been able to build up the inventories they usually...