Copper premiums languish as consumers work off stocks
Nov 26, 2007 | 06:49 AM
| Sean Barry
Spot copper premiums in the United States continue to face downward pressure as consumers run down inventory as the end of the year nears and demand for semi-fabricated products remains soft in the wake of the residential construction slump.
With trade sources reporting a dearth of business activity, spot premiums remain rooted in a range of 5 to 5.45 cents a pound delivered to most U.S. destinations. Spot premiums spiked at 9.25 cents a pound at the end of July.
"There's no business of any note and the market will remain quiet for the remainder of the year as no one wants to carry inventory. The market also continues to feel the effects of the housing slowdown," one trader said.....
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