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Codelco 2017 Copper Premiums for 2017 to be higher - SMM Expects-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
10/26/2016 Copper exhibition -non-ferrous metals expo |
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Three trading sources said Codelco has slashed its 2017 physical copper premiums to around USD 70 to Chinese buyers, and USD 80 to USD 85 per tonne to European buyers. Two of the sources said that Codelco would offer a premium of USD 82 to buyers in Europe.
Codelco''s premiums are viewed as a benchmark for global contracts, and other producers are likely to follow suit.
So far, Codelco has made no official comment about this. In past years, the premiums are usually announced by Codelco from mid November to December.
SMM sees a low chance for 2017 term premiums to Chinese buyers to below USD 70 per tonne, despite of the fact that financing demand for copper has waned in recent two years. And it is also rare to see the premiums below the USD 75 level, and the premiums to European buyers are also likely to be higher than USD 82 per tonne.
Codelco, the world''s biggest copper miner, offered a premium of USD 98 per tonne for 2016 term shipments to Chinese buyers, and USD 92 to European buyers.
Aurubis, Europe''s biggest copper smelter, has cut the premiums for copper cathode for 2017 to USD 86 per tonne. Codelco¡¯s terms for quality and shipments are both higher than Aurubis¡¯s.
SMM expects Codelco¡¯s 2017 copper premiums to Chinese buyers to be no less than USD 75 per tonne.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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