Codelco locks in bigger volumes for 2021 copper contracts; cites US, China as hotspots

Chilean state copper producer Codelco has increased the volumes sold into annual cathode supply contracts for 2021, its chief commercial officer Carlos Alvarado told Fastmarkets this week.

Codelco produces around 1.7 million tonnes of copper per year - equivalent to 7% of the world's total.
The company's regional offers to customers tend to set a benchmark for similar annual supply deals that are signed in November or December.
But after the markets were rocked this year and given the uncertain outlook, some customers - particularly, those in China - pushed back against what they saw as high offers at a $88 per tonne premium over LME prices.

But as imports into the major markets of China and the United States continued to grow markedly compared with previous years, the company managed to secure larger sales volumes...

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