Codelco Likely to Reduce Chinese Copper Premiums

Bloomberg reported that Codelco will likely reduce premiums for Chinese buyers for the second year in a row, as demand for imports wane.

As quoted in the market report:

Imports by China, the world’s largest user, are set to fall next year as smelting and refining capacity rises, outpacing growth in consumption, according to researcher Beijing Antaike Information Development Co. Goldman Sachs Group Inc. cut its 12- month forecast for copper by 11 percent to $8,000 per ton from $9,000 because of slowing Chinese demand, it said Oct. 15.

To view the whole Bloomberg report, click here.