Copper premiums traded as high as 8.5 cents per lb in the United States on Tuesday June 15, which remains the strongest physical market for cathodes, given continued weakness in China and an expected summer slowdown in Europe.
US premium range widens on diverging market outlooks China premiums drop further amid government announcement it will sell some strategic reserves European market steady ahead of seasonal lull US copper premium range widens, views differ
The tradeable range for US copper premiums widened on Tuesday June 15, with views split between those who saw lower premiums possible due to weaker market conditions in other parts of the world, notably China, and those who saw the US number supported by robust demand and higher costs.
Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US at 7.75-8.5 cents per lb, widening on both sides of the range from 8.00-8.25 cents per lb on June 8 and reflecting the split market views.
"It could be an indicator that things have shifted in the market," one trader said. "When the bid-ask widens, it could be the precursor of a swing."...