Codelco Sets Some European Premiums Higher

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Codelco has decided to “set some of its 2014 European copper premiums at $112 a tonne, a 31 percent increase over this year, buoyed by optimism over world economic health, sources close to the Chilean miner told Reuters on Monday,” reports Reuters.

“Codelco’s European clients paid $85 a tonne this year in premiums, which are added to the LME cash price to cover physical delivery costs such as transport and insurance.”

The Japanese copper cash price experienced the biggest price decline of the day, dropping 1.4 percent on Monday, October 7. After a 0.8 percent increase, the price of US copper producer grade 110 finished the day. The price of US copper producer grade 122 increased 0.8 percent. The price of US copper producer grade 102 inched up 0.7 percent.

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Chinese copper prices were flat for the day. For the fifth day in a row, the price of Chinese copper bar remained essentially flat. The cash price of Chinese copper was unchanged. The price of Chinese copper wire saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.

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The primary copper cash price weakened by 0.9 percent on the LME, settling at $7,147 per metric ton. Also on the LME, the 3-month price of copper fell 0.9 percent to $7,180 per metric ton.