US copper participants look to 2021 negotiations; sentiment mixed

Copper market participants in the United States are gearing up for the annual premium negotiations between major producers and consumers, with several sources speculating that the benchmark copper premium may move higher.

Last year, Chilean miner Codelco had increased its US annual copper cathode premium to 3.1 cents per lb for 2020 supply, making it the benchmark's highest level since 2016.
"This year I am hearing that they are asking for 3.25-3.5 cents per lb," a market participant said, adding that it is not surprising because "this year the supply for electrolytic material is low."
A US cathode consumer agreed.
"The premium may go up because of this year's supply issues," the consumer told Fastmarkets.

A second consumer said the...

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