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Chinese Smelters Offering Lower Term Export Premiums for 2015
Nov. 26, 2014 12:25PM PST
Base Metals Investing
Reuters reported that large copper smelters in China have lowered their export premiums for refined copper by 7.3 percent compared to 2014 rates. The cut follows the lowering of premiums by Chile’s Codelco.
Reuters reported that large copper smelters in China have lowered their export premiums for refined copper by 7.3 percent compared to 2014 rates. The cut follows the lowering of premiums by Chile’s Codelco.
As quoted in the press release:
Smelters have offered premiums of about $128 a ton for term shipments of refined copper in 2015, they said. Smelters received a premium of $138 for most term exports this year.
The premium, paid by buyers to the smelters to secure physical copper, is set over the cash London Metal Exchange copper price.
The offered premiums were for delivery to bonded warehouses in China or LME warehouses in Asia, one source said, whose firm bought copper from Chinese smelters.
