Jan 25 (Bloomberg) --South Korea, Asia’s third-biggest buyer of base metals, bought 2,000 metric tons of Chilean copper at a lower premium than its previous purchase last week, according to a state-run agency.
The Public Procurement Service, which stockpiles strategic commodities, bought the grade-A copper from BHP Billiton Marketing AG at $90 a ton more than the London Metal Exchange official cash settlement price on a cost, insurance and freight basis, the agency said on its website today. The LME-registered cathode is due for shipment by March 25.
That’s lower than a $95-a-ton premium over the same benchmark price that the agency paid to LS-Nikko Copper Inc. in a Jan. 21 tender.
Copper for three-month delivery in London lost 1.4 percent to $9,398.25 a ton at 5:13 p.m. Seoul time, falling for the first time in three days.