GLOBAL COPPER WRAP: Global premiums broadly steady, LME stock deliveries tip momentum to downside

Global copper premiums were largely unchanged in a week where 72,750 tonnes of cathode was delivered onto the London Metal Exchange, driving on-warrant stocks to their highest levels since June 2013.

  • LME’s cash/three-month spread widened to $46.50 per tonne contango, most since January 9
  • Premiums broadly unchanged, though downside seen in locations near where deliveries took place
  • High availability of stocks seen as indication of large physical supply

US market awaits upward move
Chatter and speculation that copper premiums in the United States would move higher over the course of the past month failed to come to fruition, with some users growing pessimistic in a market that remains unchanged.

The US copper cathode premium held at 5.5-6 cents per lb delivered...


Archie Hunter

Dalton Barker

March 28, 2018

04:05 GMT

London, Chicago