US grade A copper cathode premiums were unchanged on tepid demand and increased inventory.
Argus assessed Grade A copper cathode premiums at 8-12¢/lb delivered Midwest on Wednesday, holding at its lowest adder since mid-July.
Spot copper cathode demand continued its lackluster performance, with consumers filling demand with contracted material.
Copper cathodes in registered exchange warehouses were up for the week as combined cathode stockpiles for the three major copper exchanges rose by 1.2pc to a total of 522,150 metric tonnes (t) in the past week. The total was 93pc higher when compared to a year earlier.
The London Metal Exchange (LME) copper cathode stock total fell for a fifth consecutive day and to its lowest total since 6 August when it was down by 0.2pc to 279,625t on Wednesday. The LME was down just over 3pc when compared to a week earlier but remained 47pc higher than the prior year.
The Shanghai Futures Exchange (SHFE) weekly copper inventory was up by 7.6pc at 168,425t on Friday. The total was at a six-week high after rising for a third week and was 189pc higher year-over-year.
The Chicago Mercantile Exchange (CME) stockpile total grew for a fourth consecutive day and 26 of the past 27 days. The total rose by 1.4pc to 74,100t on Tuesday.
CME stockpiles were up over 4.8pc when compared to a week earlier and at its highest since the middle of May 2022.
