Nov 1 (Reuters) – Chile’s state-owned Codelco, the world’s largest copper miner, has offered Chinese customers an annual supply of copper by 2022 at a premium of $ 105 a tonne, two sources with knowledge of the matter said on Monday.
The premium, which has risen 19.3% from $ 88 a tonne this year, is paid above London Metal Exchange prices for the physical delivery of copper cathodes to China, the world’s leading consumer of the metal. , and is a widely observed industry benchmark.
The higher premium continues a trend of higher extras values for next year due to strong demand for copper and very low inventories.
Codelco’s offer for 2022 was sent to Chinese clients, including some state-owned companies, on Monday, the sources said, declining to be identified because the information was not public.
Codelco, which was not immediately available for comment, last month offered European customers physical copper at a premium of $ 128 a tonne next year, the highest level since 2015 and an increase of more than 20% since 2021. .
It then offered a South Korean customer a premium of $ 100 a tonne for 2022, also up around 20% year-on-year.
Codelco’s offer in China is higher than Yangshan’s current premium – paid above LME prices to import copper through the Yangshan bonded warehouse – of $ 89 a ton, according to the information provider. and SMM industry prices.
Its premium on supplies to China had been $ 88 a tonne since 2019.
(Report by Tom Daly, Edited in Spanish by Manuel Farías)
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