SANTIAGO, Sept 28 (Reuters) – Codelco, the world’s No.1
copper producer, will seek to reduce 2013 physical copper
premiums to Asian buyers by about $5, while its European rate
will likely be held or trimmed by a smaller amount, a source
linked to the company told Reuters.
The possible offer of a roughly $105 premium per tonne for
Chinese clients over cash London Metal Exchange copper prices
comes as international mining companies fret about a sag
in demand from top metals consumer China.
For 2012, Codelco offered $90 premiums to its
European clients and $93 premiums to its Japanese clients,
trading sources told Reuters. Codelco sets the industry’s
benchmark in terms of global copper premiums.
Copper, which is used extensively in construction and is
seen as a bellwether for the health of the global economy,
gained around 7 percent this quarter, closing at $8,205 a tonne
on Friday.
(Reporting By Alexandra Ulmer and Fabian Cambero)
