Copper Prices Consolidate Amid Rollover Demand and High Premiums
Copper prices consolidated at highs due to rollover demand and high premiums. Overnight on the London Metal Exchange (LME), copper opened at $14,208/mt and touched a high of $14,218/mt before drifting lower to close at $14,153/mt, up 0.23%. Trading volume reached 15,700 lots, and open interest stood at 261,000 lots, an increase of 2,675 lots from the previous trading day.
The Shanghai Futures Exchange (SHFE) copper 2609 contract opened at 108,200 yuan/mt overnight and closed at 108,000 yuan/mt, up 0.04%. Trading volume reached 21,000 lots, and open interest stood at 213,000 lots, a decrease of 1,714 lots from the previous trading day.
Perpetua Resources announced it has delineated multiple gold-antimony exploration targets at its Stibnite project in Idaho, which could expand the permitted pit boundary. Tungsten mineralization clues were also found, but US tungsten production stopped in 2015 due to low prices.