Asian Metal meets Aurubis during LME Week

On 7 October 2013, Thomas Houghton, Asian Metal copper analyst, visited the Aurubis LME Week Reception in London. Over 250 attendees turned out, with representatives from every major copper producer, trader and end user present at the event. Peter Willbrandt, Chairman of the Executive Committee at Aurubis, briefly addressed attendees at the event.

As Europe’s largest producer and the world’s largest copper recycler, Aurubis holds a dominant position in the market. Amongst the issues discussed with Aurubis’ marketing and research teams was the future of European cathode premium prices, copper demand in China over the next 12 months and the treatment and refining charges that are currently being announced by major smelting firms.

Representatives from Pacorini and Steinweg warehousing firms discussed the controversial issue of queuing for metal at LME registered warehouses and the prospects for resolving the issue in the near future. Both were keen to stress that the problem is complex and explained that the LME needs to make it clear where it stands on the issue if it is to be resolved in a timely fashion that keeps every party involved happy.

Other delegates spoke with Asian Metal about their thoughts and feelings on the European and global copper industry. Amongst these were physical copper traders and brokers, financial traders, scrap recyclers and analysts from investment banks based in London, Frankfurt, Toronto and Paris.