Buyers of refined copper in China, the world’s biggest consumer of the red metal, may raise their purchases of Russian supply next year to reduce the impact of an expected increase in premiums from other global miners.
Buyers of refined copper in China, the world’s biggest consumer of the red metal, may raise their purchases of Russian supply next year to reduce the impact ofPremiums of physical copper sales to China in 2023 are expected to rise to between $150 to $210 per tonne over the benchmark London Metal Exchange price, according to forecasts from four market participants. That would be up from $105 this year and $88 in 2021.
“We expect to see more copper from Russia flowing into China next year as buyers would be more attracted to cheaper materials they offer.” At the same time, Chinese refined copper production in 2023 is forecast to rise by 6% compared with 2022, after several major copper producers launched new capacity, according to CRU.
However, if the West imposes sanctions on Russian metals, Chinese importers could face barriers on making money transfers through Western banks and using the US dollar to settle transactions, He said.
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