GLOBAL COPPER WRAP: Market participants focus on upcoming annual benchmark talks

Copper premiums across Asia, Europe and the United States were unchanged in the week to Tuesday October 13, with market participants turning their attentions to the benchmark negotiations for 2021 supply at next week's annual LME gathering.

Rotterdam premiums hold ahead of annual contract talks coming next week.  Asia spot market remains weak amid close arbitrage window.  Absence of spot business in US copper market keeps premium flat. All European market eyes on annual benchmark premiums
Fastmarkets assessed the copper grade A cathode premium, cif Rotterdam at $40-50 per tonne on Tuesday, unchanged since April 21.
Market participants dealing in copper cathode business across Europe had little to say about spot market activity in the region this week, with ample availability of material, a high London Metal Exchange three-month copper price and the return of a contango in LME copper's forward curve supporting the well-established current market level.

LME copper's cash/three-month spread was recently in a $5.25 per tonne contango, flipping from a $1.50 per tonne backwardation last week. The metal's outright price on the LME closed at $6,692 per tonne on Tuesday....

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