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European copper premiums wilt in summer heat as supply loosens

July 24, 2014 - 16:25 GMT Location: London

KEYWORDS: Europe , copper premiums , Rotterdam , Metal Bulletin premiums , copper supply

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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