Fastmarkets' Shanghai benchmark copper premium surged to its highest level since September 2015 on May 15, with traders looking for overseas material to tap arbitrage gains. sources said.
Fastmarkets assessed the copper grade-A cathode premium, cif Shanghai at $95-120 per tonne on May 15 Friday, compared with $95-115 per tonne the day before. The premium, widely used by the copper industry for price settlement, is now at its peak level in the past four and a half years.
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