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China’s largest copper buyers expect to pay a premium of around $90 per metric ton next year for Codelco’s metal, 36% below what they are paying this year, four sources with direct knowledge of the matter said.
Premiums set for physical delivery of copper are paid on top of the reference London Metal Exchange contract and are sometimes used as a benchmark for global contracts.last week that China remained an important market for the Chilean miner, accounting for 40%-45% of Codelco’s sales despite a restructuring of its sales strategy.
State-owned Codelco, the world’s largest copper producer, negotiated a premium of $140 a ton for this year, significantly above the Yangshan copper spot market premium which fell to $10 a ton in March and is currently at $69 a ton.“It’s to do with fundamentals, the market is weak in China and shipping costs to Shanghai are cheaper than to Europe,” one of the sources said.
According to the International Copper Study Group , the global refined copper market will see a surplus of 467,000 tons next year from a small deficit this year.More metal going to China than to Europe and shipping lines competing for business is one reason why transporting copper to Shanghai is cheaper.How to turn mine tailings into healthy soil
Researchers have developed a new method that is expected to save miners billions of dollars by minimizing the cost and risk of tailings storage.Coal industry faces 1 million job losses from global energy transition – research
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