Market tightness is most apparent in Europe at present. The cumulative effect of late Q3-early Q4 maintenance programmes at two of Europe’s largest copper smelters – Hamburg (Aurubis) in Germany and Huelva (Atlantic Copper) in Spain – has only added to an unexpectedly tight cathode market in Europe during Q4. Demand too has been solid, but is still nothing to really imply a resolute turnaround in the region. But the lack of available supply is driving up high end premium offers.
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