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Chile’s Codelco cut the premium for selling copper to its biggest Chinese clients by 36% for next year and is trying to fix it in a way that would guarantee its revenues, three sources with knowledge of the matter said this week.
The premiums set by Codelco for physical delivery of copper are paid on top of London Metal Exchange prices and are sometimes used as a benchmark for global contracts for the metal used in the power and construction industries. The sources said this is the first time in six years that Codelco is attempting to lock in a fixed premium for all of the copper it sells to China next year.Previously Codelco allowed a sizeable portion, sometimes up to 50% of contractual supply, to be priced on a “floating premium” linked to spot data provided by pricing agency Fastmarkets.
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