HONG KONG, July 9 (Reuters) - Chile’s Codelco has asked certain buyers of refined copper in China to cancel some term shipments scheduled for delivery in the second half of the year as the firm processes less ores from a new mine, three sources said.
The state-owned miner, also the world’s top producer of copper, is likely to cancel a total of around 10,000 tonnes, said a source who is familiar with Codelco’s operations.
That would be about 3 percent of the firm’s 2014 contracted term shipments to China, Codelco’s biggest customer and the world’s top copper consumer.
The miner has already cancelled more than 7,000 tonnes so far, said the source, who did not want to be named as he was not authorised to speak to media. (Reporting by Polly Yam; Additional reporting by the Santiago bureau; Editing by Himani Sarkar)