Construct a delivered commodity quote by stacking price, basis, freight, finance, quality, FX, and target margin.
Quote delivered copper cathode. Screen price is $8,420/mt. Physical premium is $85/mt. Freight is $42/mt. Finance is 45 days at $18/mt. FX buffer is $11/mt. Quality allowance is $7/mt. Target margin is $35/mt. Delivered quote = market reference + physical differential + logistics + finance + conversion buffers + target margin. The common trap is quoting exchange plus premium, then discovering that freight or financing consumed the margin after the buyer says yes. Start with market reference $8,420/mt LME reference. The reference is visible but not sufficient for delivered economics. Add physical differential $8,420 + $85 premium = $8,505/mt. Premium…
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