Sources: Codelco Cuts 2017 Copper Premiums down to $72 to Chinese Buyers

Published: Nov 14, 2016 11:22

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Codelco has decided to slash its 2017 copper premiums to $72 to Chinese buyers, sources reported.

SHANGHAI, Nov. 14 (SMM) – Codelco has decided to slash its 2017 copper premiums to $72 to Chinese buyers, latest sources reported.

The premiums are slightly higher than the previous level of $70 rumored in late October, but much lower than 2016’s term premiums.

Codelco, the world's biggest copper miner, offered a premium of $98 per tonne for 2016 term shipments to Chinese buyers, and $92 to European buyers.

According to SMM data, Yangshan copper premiums averaged at $62.18 from Jan. 1 to Nov. 14 this year, down from $80.72 during the same period of 2015.

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