Russian copper exports to China and expectations of surpluses have emboldened Chinese buyers to try and dictate how much they will pay Codelco for the industrial metal next year.
The government also set the royalty for niobium at 3% of the average sale price, and for rare earth elements at 1% of the average sale price of rare earth oxide.
Fitch Solutions is revising down its 2023 average annual copper price forecast as US dollar strength and market fears of another US Fed rate hike places a cap on price growth.