Platts Copper Cathode CIF China: Normal ER brand heard tradable at $0/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard indicatively tradable at $0-10/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard traded at $-45/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $10/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard tradable at $5/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at $-20/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $0/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard indicatively offered at $10/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: top ER brand differential heared at $5/mt on May 8, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard offered at $10/mt on May 7, May pricing according to trader source
Platts Copper Cathode CIF China: AE brand heard offered at $45/mt on May 7, H1 May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: AE brand heard tradable at $30/mt on May 7, H1 May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard offered at around $20s/mt on May 7, H2 May arrival, June pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard offered at $10/mt on Apr. 30, H2 May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard offered at below $-20/mt on Apr. 30, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $5-$10/mt on Apr. 29, H2 May arrival, June pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at below $0/mt on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at below $5/mt on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard tradable at around $-10/mt on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at above $0/mt on Apr. 29, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at around $-30/mt on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $-5-$-10/mt on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at negative on Apr. 29, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at around $-30/mt on Apr. 29, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at negative on Apr. 26, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at negative on Apr. 25, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $30/mt on Apr. 25, 2H May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $5-$10/mt on Apr. 24, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF Southeast Asia: Normal ER brand tradable heard at $40/mt on Apr. 23, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard bid at $5/mt on Apr. 23, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard traded at minus $10/mt on Apr. 23, April arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard offer at $30/mt on Apr. 23, early May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at below $20/mt on Apr. 22, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard offered at $-5-$-10/mt on Apr. 19, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at below $20/mt on Apr. 19, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $25/mt on Apr. 19, April arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at below $0/mt on Apr. 18, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $30/mt on Apr. 18, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard offered at $0/mt on Apr. 18, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard tradable at below $25/mt on Apr. 17, April arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at below $0/mt on Apr. 17, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $30/mt on Apr. 17, April arrival, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $35/mt on Apr. 16, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard tradable at below $30/mt on Apr. 16, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $30s/mt on Apr. 16, May pricing according to trader source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $30-$40/mt on Apr. 16, May pricing according to smelter source
Platts Copper Cathode CIF China: Normal ER brand heard tradable at $40s/mt on Apr. 15, May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard tradable at $0-$5/mt on Apr. 15, May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: EQ brand heard traded at $30s/mt on Apr. 12, H2 May arrival, May pricing according to trader source
Platts Copper Cathode CIF China: SX-EW brand heard offered at $40/mt on Apr. 12, May pricing according to trader source
The market for copper cathodes remained weak May 8 as import arbitrage levels stayed at a discount and copper prices continued to be high.
Platts assessed Chinese copper import premium at $10/mt plus London Metal Exchange cash, CIF China May 8 for LME-registered normal brands of electrolytically-refined cathode, unchanged on the day and down $2/mt on the week.
The Platts-assessed top ER brand differential was stable at $5/mt and the solvent-extracted/electrowon differential stable at minus $5/mt.
Offers for normal brand ER cathodes were heard at $10/mt, with May QP, while another offer was heard in the $20s/mt, with June QP.
Tradable values were reported lower at around $0-$10/mt for May-arrival cargoes.
A trader source said it was reasonable to trade at flat to $10/mt compared with LME warehouse as the LME incentive was heard around $40/mt.
“[If] you buy at $10/mt, and you transport it out to LME warehouses, [you] might have a little margin still, or break even,” the source added.
An offer for top brand ER cathodes was heard at $45/mt May 7, while the potential transaction price was reported lower at $30/mt, with May QP.
“Some customers are showing interest to buy now,” a second trader source said.
An offer for SX-EW brand cathodes was heard at $10/mt May 8 while the potential transaction price was reported lower at $5/mt, with May QP.
For EQ brand cathodes, a transaction was reported at minus $45/mt May 7, with May QP, according to a trader source.
Mainstream offers for EQ brand cathodes were heard at minus $20/mt May 8.
High copper prices still put pressure on downstream demand, with consumers awaiting further declines.
In addition, the price difference between refined copper and scrap was large, so the downstream market would be inclined to replace cathodes with scrap on the back of cost advantages.
“Scrap suppliers will be more willing to sell while copper prices are high,” a third trader source said.
Chinese smelters will likely export a quantity of 100,000 mt of copper cathodes by the end of May, and they had exported around 5,000 mt last week, according to market sources.
“So, the [spot] prices in China might be better,” a trader said.
Another trader said it was uncertain whether all can be exported smoothly due to the high volume of transactions.
According to market sources, demand in Southeast Asia was relatively small compared with China and premiums were also affected by exports from Chinese smelters.
The inventory level of copper cathodes remained high, and therefore some market players expected a price pullback going forward.
Platts is part of S&P Global Commodity Insights.