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Tight LME copper stocks push premium for nearby contract to 7 – month high

26 Jun 2023

LONDON, June 26 (Reuters) – The premium for copper for nearby delivery on the London Metal Exchange over the three-month contract has jumped to a seven-month peak due to a decline in stocks available to the market in LME-registered warehouses.

The premium – or backwardation – for cash copper over the three-month contract climbed to $18.74 a metric ton at the market close on Friday, its highest since November 2022. That compared to a discount or contango of $28.50 two weeks ago.

On-warrant copper stocks in LME warehouses have fallen to the lowest levels since October 2021 after large amounts of inventory were earmarked to leave the LME system.

The latest drop in LME stocks came in data on Monday showing fresh cancellation of warrants – documents that confer ownership – of 5,400 metric tons, mainly in Rotterdam. Cancelling warrants indicates an intention to take delivery of metal. The LME data is published with a one-day lag.

Total stocks of copper in LME warehouses stand at 80,100 metric tons. Of that, 68%, or 54,375 metric tons, has been set aside or cancelled for delivering out over coming weeks.

LME's benchmark three-month copper prices were up 0.3% at $8,418 per metric ton by 1000 GMT.

(Reporting by Polina Devitt; Editing by Jan Harvey) ((polina.devitt@thomsonreuters.com)

If you don'twant to think it then why say it??

Where did he say he would report on it in May? Your link please. There has been no announcement to say we have failed to achieve full commercialisation and therefore we must have. FUD, FUD, FUD.

Sourcream ...3000t .... don't you know? That was stated for the full year.

We KNOW because we have sold it that we are producing copper so to say that "maybe Zambia is not happening at all|" ...is an outright lie for which you should be reported. Your agenda is clear, sourcream, and I suggest that all investors simply block you and you can join Bushy ranting at a world that cannot hear him. Now f**k off.

Copper now broken through $8,600 and rising ...

The w*nkers have arrived I see ... Seis, you are right. Some of Bushy/Plat/whatever's mates (or just his multiple IDs) ... There are no continued delays in Zambia ... and Leon has confirmed we are on track to hit the numbers he gave.

That's just another of Colin's many minnows ....probably needed the cash.

Why should it be Sibanye's call?

Platinum about to break back above $1,000, Palladium back through $1,400 and Copper at $8,600.

So many things affect commodity prices which have been much more volatile for various reasons, like the Ukraine war, the soaring dollar in which commodities are priced meaning they are more expensive for non-dollar currency holders. And then the algos amplify the volatility by slavishly reacting to price changes ... https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032223-commodity-price-volatility-here-to-stay-amid-geopolitics-energy-transition-challenges-trafigura-cfo Pt will recover.

Written in late January 2023, OD. The author is an insider and lives in SA so has personal experience of the business and operating conditions there.

A very good and well written article. Summary:

JMG is growing at 100% plus per annum as if it is a technology company, which it sort of is.

The latest growth area is the coveted battery metals, copper, and cobalt.

The share price is hopelessly undervalued at around 12.5 pence a share.

Target price for post-June 2023 results is 50 pence per share and target price for post-June 2024 is 80 pence per share.

https://seekingalpha.com/article/4573418-jubilee-metals-group-stock-lean-mean-money-making-machine#comments

METALS – Shanghai copper hits 7 – week high on demand expectations

02:56

BEIJING, June 14 (Reuters) – Shanghai copper prices rose on Wednesday to a seven-week high, with the demand outlook buoyed by China's latest economic support and a subdued dollar amid expectations of an interest rate hike pause by the U.S. Federal Reserve.

The most-traded July copper contract on the Shanghai Futures Exchange was up 1.4% at 67,920 yuan ($9,478.49) per metric tonne by 0138 GMT, its highest since April 25.

China's central bank's decision to cut short-term borrowing costs for the first time in 10 months came as the latest move by the country to support its economy, signalling potentially a rise in demand for industrial metals.

Upbeat sentiment sent three-month copper on the London Metal Exchange to a one-month high in the previous session, while the contract retreated 0.1% to $8,448 per metric tonne.

The dollar hovered around a three-week low on Wednesday, after the smallest annual increase in inflation last month in more than two years supported expectations that the Fed will pause rate hikes at its two-day meeting ending on Wednesday.

In China, refined copper output declined month-on-month in May because of smelters' maintenance. That, coupled with lower imports due to unfavorable market conditions, raised concerns of further supply tightness.

Summit, why would the PGM content of the tailings have reduced?

Https://www.proactiveinvestors.co.uk/companies/news/223759/jubilee-metals--value-rockets-as-production-cash-and-profits-all-surge-higher-223759.html

Not everyone sits watching an online stock site and bulletin board Sumo ... often find a rise occurs a day or two after the news ....

Deadline? Where was the date published?

Copper on a run again today ...up 1.6% @ $8,360.

Cu currently $8,210 .... and rising.