According to foreign media on June 26: Due to the decline in the available copper inventory of the London Metal Exchange (LME) registered warehouse, the premium of the LME spot copper contract over three-month copper has jumped to a seven-month high.
At the close of trading on June 23, the premium for spot copper over three-month delivery rose to $18.74 a tonne, the highest since November 2022. By comparison, two weeks ago spot copper was $28.50 lower than three-month copper.
As a result of the large amount of copper inventory leaving the LME system, copper receipts at LME-registered warehouses have fallen to the lowest level since October 2021.
Data on Monday showed 5,400 tonnes of LME copper inventories were written off, mostly in Rotterdam. Inventory is written off for delivery.
LME inventory data have a one-day lag. The total copper inventory in LME warehouses stands at 80,100 tonnes, of which 68 per cent, or 54,375 tonnes, has been written off and will be delivered in the coming weeks.
