US Cu: Premiums hold on falling stock

摘要

US grade A copper premiums held for a third week with limited demand but on falling stockpiles and ever-increasing freight rates. The Argus weekly assessment for grade A copper cathode premiums at 7.5-8.5￠/lb delivered Midwest, unchanged for the week. The tepid demand for copper cathodes remained in place for the week, but stocks set new lows and rates on freight kept premiums at its highest level since August 2018. Freight costs were still backing the higher premiums but received help from falling copper stockpiles in registered warehouses.