A source close to Codelco told Reuters on Thursday, that “[l]eading copper producer Codelco will seek a significant rise in 2014 copper premiums due mostly to renewed strong demand from top buyer China, but the jump will be lower than many have predicted.”
“Codelco, whose premiums are seen as an industry benchmark, wants the rate to reflect a resurgent market. It cannot stray too far from the numbers that have already been quoted, the source added.”
On Wednesday, September 25, the Japanese copper cash price fell by 2.0 percent making it the day’s biggest mover. Metals’ downward trend picked up speed for Thursday, September 19, as the price of US copper producer grade 110 had a 1.0 percent decrease. Today marks the fifth day in a row of declining prices for the price of US copper producer grade 122 — driving an accelerated drop-off since Thursday, September 19. Today marks the fifth day in a row of declining prices for the price of US copper producer grade 102.
Chinese copper closed mixed on Wednesday. The price of Chinese copper bar, following a couple days of improvement, weakened by 0.6 percent. Weakening prices followed two days of improvement as the cash price of Chinese copper dropped 0.6 percent. Chinese copper wire ended the day after the 0.4 percent drop yesterday. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat.
The copper 3-month price saw a 0.6 percent decline on the LME to $7,172 per metric ton. The cash price of primary copper weakened by 0.6 percent on the LME, settling at $7,140 per metric ton.