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Copper Buyers Want Longer-Term Deals on Supply Concerns, Codelco Says

  • Chilean miner recently signed contracts for 3 to 5 years
  • Operational issues threaten Codelco’s status as No. 1 producer
An open pit copper mine near Calama, Chile.
An open pit copper mine near Calama, Chile.Photographer: Cristobal Olivares/Bloomberg

Copper buyers are so worried about future availability of the metal that they’re seeking to secure longer-term deals than normal, according to top miner Codelco. 

The Chilean state-owned company recently signed some contracts for three to five years with customers in Europe, in contrast to the more standard annual deals, Chairman Maximo Pacheco said in an interview.