NEW YORK Copper premiums held steady July 31 after dipping to 6 to 6.5 cents from 7 to 7.5 cents per pound July 17 (amm.com, July 18) as summer doldrums led major consumers to hold back on buying.
"Were at that summer lull when not much business is going on," one copper consumer told AMM. "Were operating at about our budget and nothing has really changed over the last few weeks."
"Theres been some stock build up into Comex warehouses, as always happens in the summer," another consumer source said. Comex stocks stood at 23,912 tons July 31, up from 22,331 tons July 15.
The copper terminal market price edged up to $3.231 per pound July 31 from $3.214 cents per pound July 17.
"Business is really stagnant. Domestically, producers have plenty of metal to offer," one trader source said. "The copper rod business is steady as she goes, not too much activity there."