Copper premium quotes rise after mine outage

Apr 17, 2013 | 05:59 PM | Michael Cowden, Suzy Waite

Tags  Copper, copper cathode, premiums, Kennecott, Bingham Canyon, wall slide, LME, warehouses New Orleans

NEW YORK — The force majeure at Kennecott Utah Copper’s Bingham Canyon Mine in Utah, scrap tightness and issues with warehouse financing have put upward pressure on copper cathode premiums, although very few transactions have actually closed, traders and consumers told AMM.

Kennecott Utah Copper, a division of London-based Rio Tinto Plc, expects to make its April shipments as planned, but its May shipments will be reduced and it does not thereafter “anticipate the ability to make further shipments for the foreseeable future” (amm.com, April 16).
While consumers continued to call around this week to plan for their copper needs, there has been no panic buying, traders and consumers said. “(People) assure me premiums are up by multiple cents, but I haven’t bought any yet. I’ve just gone out to check,” one consumer said. ....





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