Codelco raises US copper premium for traders; premium for most end users flat for 2021 supply: sources

Chilean miner Codelco has increased the US benchmark copper premium for 2021 supply of cathode to traders, though the premium for most end users is flat, a source with direct knowledge of the matter confirmed on Wednesday December 9.

"For the [copper supply to the United States], it was not a rollover in general," the source told Fastmarkets. "[Codelco has] increased premiums for most traders; [the premium for] end users remained flat."
This information was confirmed by several wire makers who told Fastmarkets the cif Gulf copper premium is flat for 2021, whereas some traders and end consumers said the premium has risen.
Major copper consumers canvassed by Fastmarkets said the premium for cathode supply to the US - fixed at 3.1 cents per lb for 2020 supply - has been rolled over. This is the benchmark's highest since 2016.

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