Copper premiums hold in LME back

Nov 24, 2010 | 10:22 AM | Meredith Mazzilli

Domestic copper cathode spot buying remains sparse, with premiums unchanged ahead of new benchmark premiums for 2011—even as a two-week backwardation in copper on the London Metal Exchange (LME) puts downward pressure on premiums overseas.

Copper on the LME was in backwardation of $29 per tonne at the officials on Tuesday, a level that has stifled interest in spot cathode copper sales in Europe and put spot premiums under pressure there.

European premiums are easing to $60 to $90 per tonne (2.7 cents per pound to 4 cents per pound), widening the previous range of $70 to $90 per tonne (3.2 cents per pound to 4 cents per pound).

Meanwhile, domestic participants are unlikely to face the same pressures, as the Comex remains in firm contango in the first- to second-most active contracts.....

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