Many have expressed that the number is reasonable and close to market conditions, while they expect Codelco to achieve a higher sales volumes under the long-term contracts compared with 2016.
Consumers in talks to increase long contract volumes
"When we exchanged views in London, they were talking about $70-ish numbers, and now it's set at $72 [per tonne]
, which falls into that range," said a copper consumer.
Some consumers said they may struggle to obtain discounts from Codelco this year. Last year, some claimed to have secured a reduction on the long-term benchmark with Codelco of around $20 per tonne but the deals included Codelco's Standard STD brand, which has lower specifications than other brands.