US market awaits upward move
- 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
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...