GLOBAL COPPER WRAP: Wide contango holds copper premiums steady with market focused on annual contracts

Spot copper premiums were largely unchanged in a week when Codelco raised annual levels in East Asia and the market gathered to assess the 2018 market at Cesco Asia Copper Week in Shanghai, China.

Chilean state-owned miner and smelter Codelco elevated its 2018 level for Korea, Taiwan and Japan to $70 per tonne from $68 per tonne in 2017. A week earlier it had raised its annual cif Shanghai offering to $75 per tonne.
The company sells around 35% of its cathode production to China, 15% to the rest of Asia, 20% to Europe, 20% to the United States and 10% to South America.

In the meantime, premiums in China were unchanged on Tuesday November 28 with trades reported within Metal Bulletin’s range of $65-75 per tonne...

Published

Archie Hunter

Dalton Barker

November 29, 2017

08:42 GMT

London, Chicago