GLOBAL COPPER WRAP: Arb losses weigh on Shanghai premiums; European premiums flat despite Aurubis outage

摘要

Shanghai copper premiums continued to soften in the week to Tuesday November 27 after import losses deepened and deterred trading interest this week; meanwhile European and US spot premiums remain stable with market focus on long-term contract discussions.- A wider arbitrage loss and backwardation in the London Metal Exchange cash/three-month spread have weighed on Shanghai copper cathode premiums.- European premiums flat in immediate aftermath of Aurubis' unplanned shutdowns.- US annual copper deals are approaching completion and early signs indicate trader influence on the spot premium will increase.