(MB) The Shanghai copper premium fell to yet another fresh low in the week ended Tuesday March 5, with high domestic stocks and a steep backwardation in the London Metal Exchange’s cash/three-month spread continuing to pressure the market. Premiums in Southeast Asia were similarly weaker over the past week, while those in Europe and the United States were unchanged. Shanghai premium hits another fresh low European rates flat but concerns growing over tightening supply US market steady but may be at risk from influx of China-origin material Shanghai premium hit fresh low, other Asian regions downward In China, the premium for copper cathode on a cif Shanghai basis continued to soften on Tuesday due to high availability of stocks in the country, a wider backwardation in the LME’s cash/three-month copper spread and an inactive downstream market. Fastmarkets assessed the premium for grade A copper cathode, cif Shanghai, at $47-62 per tonne on Tuesday, down by $3 from $50-65 per tonne a week ago. The latest assessment marks the premium’s lowest level since May 2017. The steep backwardation in the LME’s cash/three-month copper spread has increased.
