Chilean copper heavyweight Codelco's record high offers to Chinese copper buyers are leading some to declare they will opt out of next year's term contracts as questions grow about the relevance of the benchmark for Chinese buyers. The Codelco premium, which is paid on top of London Metal Exchange copper prices, is often used as a reference for global copper supply contracts, as Codelco is the world's largest copper producer and China the largest consumer. Codelco has offered Chinese buyers a $350/t premium over London Metal Exchange prices, according to two sources familiar with the matter, an increase over the ... (full story)