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Copper has largely escaped the rollercoaster ride on the metal markets

by David Fleschen

Copper has largely escaped the rollercoaster ride on the metal markets this week: At USD 8,500, a tonne of copper currently costs around 12% more than last Thursday. In addition to demand hopes and the weaker US dollar, supply concerns are pushing the price higher. Inventories registered on the LME have almost halved since mid-October and are as low as they were last in March. Copper inventories listed in Shanghai, which had recovered somewhat from the lows in October, have also fallen back again.

The high physical premiums demanded by the state-owned Chilean copper miner Codelco for deliveries of copper cathodes from Chinese customers, according to market reports, also speak for a tight supply: They are expected to rise to USD 140 per tonne next year, compared to USD 105 this year and USD 88 last year. However, these are still moderate premiums compared to the premium of 243 USD per tonne demanded by Codelco, which European customers should pay next year.

Source: Commerzbank Research, Photo: Fotolia

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