Copper premiums set to jump on Kennecott halt

Apr 15, 2013 | 04:11 PM | Suzy Waite

Tags  Kennecott Utah Copper, Rio Tinto, Bingham Canyon Mine, wall slide, production outage, copper, LME, warehouses copper cathode premiums

NEW YORK — Copper cathode premiums are expected to climb as a result of Kennecott Utah Copper halting mine production following a wall slide at its Bingham Canyon Mine.

Although few spot deals have closed in the past few days, traders and consumers both said that higher quotes have already emerged and they expect premiums to jump soon from the current range of 4.5 to 5.5 cents per pound.

London-based Rio Tinto Plc, which owns Kennecott, told AMM April 15 it was still evaluating the damage caused by the April 10 wall slide, although it confirmed it was more significant than initially thought.....

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