Codelco executives. (Reference image by Codelco, Flickr).
Chile’s state-controlled Codelco, the world’s largest copper producer, said on Thursday it has successfully concluded its sales plan for 2022 in Southeast Asia with the signing of multi-year deals.
“We had a plan to increase sales of refined copper in the region and achieved 100% of it for 2022,” Codelco added, without providing details.
The miner also said it was able to “successfully execute” its plans in China, where copper premiums rose by approximately 20%. In Taiwan and South Korea, the increase was even higher than 20%.
The higher prices over contracts traded on the London Metal Exchange point to an outlook of strong copper demand as the global economy continues to recover from the pandemic.
“Our strategy of opening up to new markets going forward was a success, as the consumption of refined copper in Southeast Asia is expected to show a sustained growth for the next 20 years,” Codelco’s Vice President of Marketing, Carlos Alvarado, said.
He also noted that the firm was able to maintain its number of customers while increasing premiums by 30% in Europe.
(By Fabián Andrés Cambero and Peter Frontini)