First trades on CME copper premium contract point to Q1 2018 level at $65-68/t
Initial trades on the CME’s copper cif Shanghai futures contract suggest physical premiums for grade A cathodes will be at $65-68 per tonne for the first quarter of 2018.
Trades came in on Wednesday in the form of 25 lots placed on January, February and March contracts, all at $65 per tonne.
On Thursday a further 50 lots for each month of the first quarter were traded at a premium level of $68 per tonne, bringing the total to 225 lots and 5,625 tonnes.
The contract is settled against the monthly average of the Metal Bulletin daily copper premiums assessment, basis cif Shanghai.
Today’s assessment saw the Shanghai copper premium move up by $2 to a range of $70-82 per tonne.
The latest monthly average was $71.35 per tonne for November.
Those wishing to find out more about the contract and how Metal Bulletin assesses copper premiums in Shanghai can view a webinar featuring deputy Asia editor Kiki Kang and the CME’s Shan Islam here.