European copper market weighs impact of Russia export tax, low Asia rates

July 01, 2021 / www.metalbulletin.com / Article Link

Premiums for delivered copper cathodes fell in Europe while those for seaborne cargoes firmed this week, with the market digesting how a tariff on Russian exports would affect the continent's balance of trade.

The Russian government has approved temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), effective from August 1 through December 31.
Companies looking to export copper will have to pay $1,226 per tonne to do so, according to the government decree.
Russian producers export metal to Europe indirectly by sending regular bulk shipments to London Metal Exchange-registered warehouses in Rotterdam and warranting them on the exchange.

"What...

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