12/19/2023 0 Comments Lme copper cathode price![]() ![]() Supporting the price uptick, some 2,250 tonnes of grade-A copper cathode was removed from LME-registered warehouses in Busan and Kaohsiung this morning, while continued positive arbitrage opportunities with the Shanghai Futures Exchange (SHFE) have led to traders to bolster efforts to send material to China. Turnover was high over the morning due to the return of Chinese participants after a national holiday in the country, leading to some 8,600 lots exchanged as at 9.44am London time. “China controls copper and very weak demand there is lowering premiums globally,” a seller source said.įollow all the latest LME Week insights by visiting our dedicated content hub.Copper’s outright price was recently seen trading at $5,710 per tonne, maintaining support above its nearby $5,700-per-tonne support level. “The premium’s down on the high end,” a copper buyer said, adding that they had no need for metal this week. New inflows into LME warehouses, including to New Orleans in the US, added 1,100 tonnes of copper on Tuesday morning, bringing total global inventories to 171,525 tonnes, almost double the LME copper inventories at the start of 2023. A wide contango indicates ample immediate supply and suggests poor demand. The spread between the copper cash and three month prices on the LME reached the largest contango seen in three decades, at $75 per tonne at the 5pm close on Friday October 6. ![]() No sales were reported in the week to Monday, reflecting weak demand, with far lower bids and offers heard than in previous assessments, sources said. The premium had previously held at 9.00-10.50 cents per lb since June 27 with many sellers insisting that level was unchanged in the absence of spot activity to alter it. The premium dropped sharply in the week to October 3, moving down by 15.38% on lower offers and demonstrating a weakening market. US copper marketįastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US at 7-9 cents per lb on Tuesday October 10, narrowing down from 7-9.5 cents per lb on Tuesday October 3, amid an absence of reported trades, with most sources saying the premium remains under pressure from surplus supply. ![]() The Shanghai equivalent-grade copper cathode market also ticked higher due to improved trading sentiment, sources said.įastmarkets assessed the weekly copper EQ cathode premium, cif Shanghai, at a premium of $30-35 per tonne on Tuesday, against a premium of $20-30 per tonne on a week earlier.Įlsewhere in the Southeast Asian copper market, some liquidity was seen, but spot demand remained largely quiet, with focus also gradually shifting to the annual supply talks.įastmarkets’ weekly assessment of the copper grade A cathode premium, cif Southeast Asia, was $60-70 per tonne on Tuesday, unchanged from September 19. “Offers surged on the first working day, and inquiries were also brisk, with spot deals concluding in the high 60s to low 70s for grade-A copper cathodes,” a Shanghai-based trader said.Ī second Shanghai-based trader added, “Some spot buying came in after weaker copper prices on London Metal Exchange, which was trading sideways at $8,000 per tonne, but some also stayed back amid the expectation of continuous declines in copper prices.”įastmarkets assessed the benchmark daily copper grade A cathode premium, cif Shanghai at $55-73 per tonne on Tuesday, up from $52-68 per tonne a week earlier.įastmarkets assessed the copper grade A cathode premium, in-whs Shanghai, at $55-75 per tonne the same day, against $50-70 per tonne a week prior. Offers surged on the first working day, and inquiries were also brisk, with spot deals concluding in the high 60s to low 70s for grade-A copper cathodes. ![]()
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