China's Copper Buyers Slash Annual Contracts With Market in Flux [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg For 2025, buyers in China will take less refined metal under yearly contracts than they did this year, including from producers like Chilean copper giant Codelco, according to six traders with direct knowledge of talks on the sidelines of a major industry event in Shanghai. The shift in buying patterns comes as Chinese demand for copper falters after a decades-long boom. The Asian nation has also boosted its own domestic capacity, capping the need for imports. Premiums in the spot market for imported copper collapsed below zero earlier this year, hurting buyers who agreed annual fees at Asia Copper Week last year at $89 a ton. The premium is a surcharge paid on top of London Metal Exchange prices by Chinese traders and fabricators. “Many of our clients and peers lost big money this year from the terms they signed. No one believes the spot premium will increase a lot for the next year,” Ni Hongyan, vice general manager of Singapore-registered Eagle Met
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