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Codelco settles 2021 copper supply deal with major China buyer at $88 premium

  • The premium, which Codelco kept steady on the 2020 level in its recent offer to state-run Chinese clients.
  • The sources asked not to be named as the information was not public and also declined to identify the buyer.
Published November 6, 2020

Top global copper producer Codelco on Friday agreed a contract with a major Chinese buyer for copper supply at a premium of $88 a tonne in 2021, two sources at the Chilean company said.

The premium, which Codelco kept steady on the 2020 level in its recent offer to state-run Chinese clients, is paid on top of London Metal Exchange copper prices for physical delivery of copper cathodes and is a widely watched industry benchmark.

The sources asked not to be named as the information was not public and also declined to identify the buyer.

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