World largest copper producer, Corporacion Nacional del Cobre de Chile (CODELCO) notified Japanese buyers of CIF US$ 93 per tonne of premium at Yokohama port for 2012 shipment. The premium is US$ 5 lower than US$ 98 for 2011 shipment. The firm decided first premium decrease in 3 years when slower world economy could reduce copper demand.
CODELCO already reduced the premium by US$ 8 or 8% to US$ 90 per tonne for European buyers for 2012 shipment. The premium cut was larger than Japanese premium when European copper demand situation is severer due to financial crisis especially for Southern Europe. The firm reduced the premium by US$ 5 or 4% to US$ 110 per tonne for Chinese buyers for 2012 shipment despite of growing demand. The firm expects Chinese demand growth could slow down under money squeeze and worldwide slower demand while the firm keeps more than US$ 100 of premium for the country. The premium is still higher than 2010 premium when the premium was US$ 75 per tonne for Japan, US$ 85 for China and US$ 80 for Europe. Tight worldwide copper supply supports the high premium when International Copper Study Group (ICSG) expects 256,000 tonnes of short supply in 2012.Japan Steel Scrap Composite Prices (Sangyo Press)
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