CH: China Minmetals unit to buy refined copper from Polish firm
Feb. 3, 2010 (China Knowledge) - A unit of China Minmetals Corp plans to buy more than 40,000 tons of refined copper from Poland’s KGHM Polska Miedz S.A. this year, Reuters reported recently, citing unnamed sources.
China Minmetals Non-ferrous Metals Co Ltd, which belongs to China Minmetals, recently signed a US$400-million contract with KGHM, according to an announcement on the company’s website, which did not specify any quantity.
The Chinese firm bought a total of 500,000 tons refined copper in the twelve years prior to 2009, or an average of 41,667 tons per year.
Since imports are likely to increase, said the source, this year's imports are likely to exceed 40,000 tons.
Reportedly, China Minmetals Non-ferrous Metals will buy copper from the Polish firm under their framework agreement and might also buy spot copper depending on domestic demand.
China is the world’s largest copper consumer, and it pushed up the LME copper price last year.
