Abstract According to Bloomberg News July 6 news, the European copper premiums are expected to rise 50% this year, despite the reduction in consumption in the region. The copper rising water of the Port of Rotterdam is reported at US$122.50 per ton, up from US$115 last month, up from US$80 at the beginning of the year.
According to Bloomberg News on July 6, European copper premiums are expected to rise 50% this year, despite a decline in consumption in the region. The copper sulphide in the Port of Rotterdam reported US$122.50 per ton, up from US$115 last month, up 53% from US$80 at the beginning of the year.
This year, copper premiums rose due to limited supply of scrap copper and restrictions on the extraction of LME stocks.
In Antwerp, Belgium, stocks have increased by about 2 times this year. The premium has risen in the past month, due to limited supply in the last two weeks of June and steady demand. The copper premium range is $120-130 per ton, compared to $100-130 last month.
According to LME data, Antwerp's stock accounted for 91% of European copper stocks. According to Bloomberg estimates, it takes more than 100 days to withdraw inventory from the city.
The supply of scrap copper is also limited. Scrap copper consumer keeps inventory due to lower prices. CRU's Lloyd said that the supply of scrap copper in Europe is limited due to weak industrial activity, especially in the construction sector.
The London Metal Exchange (LME) last week proposed a comprehensive adjustment of its metal inventory system and encouraged stakeholders to respond positively. If the plan is implemented, it will cut the existing long queues and prevent the formation of new teams.
This proposal is only for warehouses that take up more than 100 days of queuing for metal extraction. These warehouses will be subject to new requirements to ensure they are able to make the metal outbound volume higher than the inbound volume.
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