Spot copper buys have stopped: traders
Nov 30, 2012 | 10:30 AM
| Barbara O'Donovan
Tags
copper,
copper premiums,
spot copper contract,
American Copper Council,
Barbara O'Donovan
NEW YORK — Copper consumers have stopped buying spot material for the year and few long-term orders have been placed for 2013, according to traders.
"Consumers are flat for November and December, and we don’t see any new business coming for the rest of the year," a trader told AMM.
Copper premiums have decreased to 5 to 6.5 cents per pound from 5.5 to 7 cents previously, with little business reported and the high of 7 cents per pound deemed no longer achievable.
"Premiums are a little softer," a second trader said. "I don’t think anyone can get 7 cents anymore."....
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