Copper premiums languish as users sit tight

Nov 26, 2007 | 10:25 AM | Sean Barry

Spot copper premiums in the United States continue to face downward pressure as consumers run down inventories as the end of the year approaches 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. "What business has been done has been for just-in-time delivery, so consumers had to pay because of freight costs and financing. That's what helped to keep premiums up a little."....

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