SHANGHAI, Nov. 22 (SMM) - Codelco announced on November 16th it will increase by 31% 2011 term premiums for copper to Japan and South Korea. According to sources, premiums will be increased to USD 98/mt for copper delivery to Japan and South Korea for 2011. During 2010, premiums to Japan and South Korea were USD 75/mt and USD 74/mt, respectively.
In mid-October, Codelco announced that 2011 copper term premiums to Europe would be USD 98/mt, similar to Japan and South Korea, and was generally in line with market expectations.
According to SMM sources, Codelco will release the 2011 term premiums for copper delivery to China next Monday. Markets expect that the premium for China may be as high as USD 110/mt, given strong domestic demand expected during 2011.
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