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Spot copper premiums in United States rose to a new historic high during the week to Tuesday March 29, supported by increased freight costs, while the Shanghai and Southeastern Asia copper markets were reported with minimal spot activity.
China’s copper cathode premium continued to fall in the week ended Tuesday February 15 amid unfavorable import conditions, while the premiums in Southeast Asia and the United States were both steady, with low buying interest.
An outage at a smelter in Japan led to a jump in Southeast Asian copper premiums in the week ended Tuesday February 8, while premiums elsewhere were broadly stable, although logistics issues and Covid-19 continued to create problems in Europe, and the winter weather was a concern in the United States.
Shanghai copper premiums dipped in the week to Tuesday March 9, with a closed arbitrage between London and Shanghai muting spot interest, whereas European cathode premiums moved to their highest levels in over two years.