Copper premiums pressured as supplies thin

Apr 19, 2006 | 09:17 AM | Sean Barry

U.S. copper premiums are poised to rise as domestic consumers fight to secure metal against a backdrop of limited supplies and rising European demand.

Falling inventory levels and a major shortage of scrap have fueled copper cathode demand in Europe in recent weeks. This has pushed premiums into a range of $130 to $140 per tonne c.i.f. Rotterdam.

U.S. consumers, in turn, have had to accept higher premiums to attract metal into their warehouses, traders said.

"A lot of South American material is being shipped to Europe because demand there has been very good recently on the back of a scrap shortage and low stocks," one trader said.....

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