European copper premiums climbing on outages, strikes

May 01, 2013 | 12:01 PM | Mark Burton

Tags  copper premiums, Rotterdam, LME, London Metal Exchange, copper prices, copper scrap, Comex, Metal Bulletin Mark Burton

LONDON — Copper premiums have been quoted as high as $120 per tonne in Rotterdam, Netherlands, this week as the European market experiences tighter supply following port strikes in Chile and a maintenance shutdown at Swedish miner Boliden AB that began in early April.

The recent slump in copper prices on the London Metal Exchange has also tightened the supply of scrap and increased demand for cathodes as a replacement, market sources told AMM sister publication Metal Bulletin.

Metal Bulletin’s Rotterdam in-warehouse copper premiums stood at $90 to $120 per tonne April 30, up from $65 to $100 at the start of April, as market sources reported a flurry of inquiries for cathodes to cover shortfalls arising from a three-week Chilean port strike that ended April 6.

Corporación Nacional del Cobre de Chile (Codelco) said shipments of about 60,000 tonnes of cathodes were delayed during the strike, while Anglo American Plc said 10,000 tonnes of its material was affected.....

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