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Codelco Ups 2010 Yokohama Copper Premium 16%: Traders - Reuters11 days ago
DOW JONES NEWSWIRES
The National Copper Corporation of Chile, or Codelco, raised its term premium for copper to the Japanese port of Yokohama to $75 a ton in 2010, and to $74 for South Korean buyers, Reuters news agency reported on its Web site Monday, citing unnamed industry sources.
The government-owned copper miner made the raise, equivalent to about 15.5% of 2009's level, ahead of an expected rise in demand in parts of Asia, the news agency cited the sources as saying.
China, which secured a 32% premium cut to $75 in 2009 from $110 in 2008 and is the world's largest copper consumer, is scheduled to discuss its premiums with Codelco next week, the news agency said.
"China really needs copper so they might surprise on the upside. They may settle sooner at slightly higher levels than risk even more evidence of a rebound in demand that would strengthen Codelco's hand," said Jonathan Barratt, managing director of Commodity Broking Services, according to Reuters.
Web site: http://www.reuters.com/
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