Codelco's European premium falls $5

Oct 22, 2012 | 02:09 PM | Mark Burton

Tags  Codelco, European copper premium, benchmark premium, BHP Billiton, Aurubis, mating season, Peter Willbrandt, copper

LONDON — Corporación Nacional del Cobre de Chile (Codelco) has lowered its benchmark European copper premium to $85 per tonne, a $5 cut from last year’s terms, sources told AMM sister publication Metal Bulletin.

The lower premium comes as copper consumers experience weaker physical demand in Europe and a lack of visibility in forward orders further down the supply chain, sources said.

Codelco’s 2013 price came soon after Hamburg, Germany-based Aurubis AG offered its European customers a rollover of its $86-per-tonne ex-works premium in the run-up to mating season negotiations during London Metal Exchange week. ....

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