Soaring copper prices subdue US market

Dec 08, 2010 | 12:14 PM |

Soaring copper prices and negotiations for 2011 contracts are keeping the U.S. spot market quiet, with many traders focusing on finalizing supply deals for next year.

Corporacion Nacional de Cobre de Chile (Codelco) is understood to have allocated its 2011 contract volume at a variety of premiums centered around a rise of 1 cent per pound, according to traders.

Some traders have been waiting for official word on the Codelco premium, which traditionally has been considered a benchmark, before finalizing contracts. But others say its influence on the annual mating season has diminished.....

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