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GLOBAL COPPER WRAP: Chinese premiums soften on low buying appetite; European rates stable amid ample supply
Copper premiums in Asia softened this week amid a slump in spot inquiries and a continued contango in the metal’s nearby cash/three-month spread on the London Metal Exchange, while continued availability of material in Europe kept premiums there flat.
Lack of buying appetite softens Chinese copper premiums European participants question Italian copper consumption US market stable, participants continue to wait for uptick Shanghai premiums dip, other Asian premiums unchanged In China, the premium for copper cathode basis cif Shanghai fell on Tuesday April 23 from a week earlier amid low spot buying appetite, with top Chinese importer Tewoo Group’s tightened credit situation resulting in thin demand for cathode. Fastmarkets assessed the premium for grade A copper cathode at $38-60 per tonne basis cif Shanghai on April 23, down by $2-5 per tonne from the prior week’s assessment of $40-65 per tonne. With Tewoo’s credit line for its import business becoming much tighter due to its financial troubles, demand for seaborne and bonded cathode in Shanghai has turned even lower in recent weeks, market sources said. “Tewoo is a top importer of cif Shanghai copper cathodes. After Tewoo lost most of its capacity for...
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