US producers urged to set copper benchmark

Nov 13, 2013 | 12:16 PM | Andrea Hotter

Tags  copper, copper premiums, cathode, American Copper Council, ACC, Kennecott, Freeport, Corporacion Nacional del Cobre de Chile Codelco

FORT LAUDERDALE, Fla. — The U.S. copper market could face a serious supply shortage in 2014 if premiums in China remain at elevated levels and domestic producers fail to respond.

That was the stark warning from consumers and merchants gathered in Miami for the fall meeting of the American Copper Council (ACC) this week, where they will negotiate premiums for next year’s contracts.

Copper premiums are upward of $195 per tonne c.i.f. Shanghai, and as high as $200 per tonne for electrolytic material, giving producers and merchants little reason to sell metal domestically or leave it sitting in U.S. warehouses.....

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