On November 8, foreign media reported that two insiders said that Codelco, the largest copper producer in the world, proposed to supply copper to at least two Chinese customers at a premium of US $140/ton in 2023, up 33.3% from US $105/ton this year.
The price of cathode copper delivered by Codelco to China is one of the benchmark copper contracts on the London Metal Exchange (LME), and it is also a closely watched industry benchmark.
For comparison, the premium in 2021 is $88 per ton.
The premium has risen for two consecutive years, reflecting robust demand and extremely low inventory.
Last Friday, Shanghai Futures Exchange The refined copper inventory of the bonded warehouse and the bonded warehouse totaled 84164 tons, not far from the historical low of 72159 tons in October.
Last month, Codelco raised the copper premium to Europe in 2023 to a record $234 per ton, an increase of 83% over 2022. This is because of soaring energy prices, soaring production costs, tight supply, and Western sanctions that may lead consumers to avoid Russian metals.
Chinese copper buyers have expected the premium of major miners to increase, saying they may increase their purchase of Russian copper.
Codelco's premium to Chinese customers is in line with the current Yangshan copper premium. In the warehouse of Yangshan Free Trade Zone, the premium of imported copper is 144.50 dollars/ton higher than that of LME benchmark copper.
(Global Metal Network OMETAL. COM)
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