Further delays in Chuquicamata’s restart and expectations that China will cut its value-added tax (VAT) rate from May have prompted a small recovery in Chinese copper premiums, Fastmarkets has learned. Premiums for top brands of copper rise in Shanghai Fastmarkets assessed the premium for grade A copper cathode, cif Shanghai, at $45-70 per tonne on Tuesday March 12, compared with $47-62 per tonne a week earlier. The high end of the premium range typically reflects business for top brands of copper cathode, including CCCP, ENM, AE and ILO. While the CCCP, ENM, AE brands are produced by Chilean copper-mining giant Codelco, ILO is from Peru’s Southern Peru Copper Corp. On March 8, a cargo for ILO-branded cathode on a cif Shanghai basis for April arrival was transacted at a premium of $66 per tonne – toward the higher end of Fastmarkets’ published range on that day because cif-basis cargoes of CCCP, ENM and AE cathode for April delivery were said to be difficult to secure in Shanghai. A number of traders also said that they had bid $65 per tonne for CCCP and ENM.


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