Chile's Codelco, the world's largest copper miner, has offered at least two Chinese customers a premium of $140 per ton in 2023.
The proposed premium was $105 per ton this year. The premium is paid above London Metal Exchange (LME) copper prices CMCU3 for physical delivery of copper cathodes to China, the world's largest consumer of copper.
Codelco's offer was also $88 per tonne in 2021.
The move reflects the continued high premium trend due to strong copper demand and very low inventories.