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European copper premiums wilt in summer heat as supply loosens
July 24, 2014 - 16:25 GMT
Metal Bulletin premiums
European copper premiums have fallen by about $30 so far in July and look set to weaken further through the summer as supply loosens, market sources told Metal Bulletin.
Rotterdam copper premiums were quoted between $70-120 per
tonne on Thursday July 24, down from $100-155 at the start of
the month, as an impasse between still-bullish producers and
well-stocked consumers was broken by cheaper offers from
traders looking to offload stock. Premiums remained strong
throughout June as consumption outperformed and supply remained
crimped, but conditions have shifted markedly in favour of
buyers in July as supply has loosened swiftly just as demand
started to tail off for the summer, sources said. The rally in
prices back above $7,000 per tonne on the London Metal Exchange
at the start...
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Euromoney Institutional Investor PLC.
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