Copper prices are expected to continue to strengthen at the world’s largest copper miner

Codelco, a Chilean national copper company, has announced that it will impose a long order premium of $140 / ton for Chinese customers in 2023, up 33% from $105 / ton in 2022. Codelco is the world’s largest copper mining company, according to the data.

This is not the first time that Codelco has raised its copper premium to Chinese customers. Codelco’s copper premium in China has been $88 / ton from 2019 to 2021. Until 2022, Codelco’s copper premium to Chinese customers rose to $105 a tonne, up 19.3% from $88 a tonne previously. The capital expenditure of copper miners rose slightly in 2015-2019, followed by a rapid decline due to the pandemic, especially as the annual capital expenditure fell to $52 billion in 2021 above $8,000 in 2011. The agency pointed out that, combined with the production progress of new mines invested by copper mining enterprises, 2022-2023 is a big year for the release of new copper mines, and then the release growth rate of new copper mines is facing halved. It is expected that with the expansion of new energy consumption, the global copper supply and demand will return to the shortage state in 2025.

Similar Posts