Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Pan Pacific Copper Co, Japan’s top smelter, said on Friday it and BHP had agreed to a 29 percent rise in copper treatment and refining fees for ores to be delivered in July-December, reflecting higher fees on the spot market.
Pan Pacific, a unit of JX Holdings Inc , agreed to $90 a tonne for treatment fees and 9 cents a pound for refining for the six months, a company executive said.
