PHYSICALS - South Korea's PPS buys 1,000t of copper at premium of $64/t

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Ian Walkerian.walker@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2145

London 26/05/2016 - South Korea has purchased 1,000 tonnes of copper at a premium of $64 per tonne over London Metal Exchange (LME) cash prices on a cost, insurance and freight (CIF) basis via a tender, the state-run Public Procurement Service (PPS) said.

Glencore International was awarded the tender to deliver Philippine-origin copper free of duty to the port of Incheon, PPS, which manages the country's strategic commodity reserves, added.

The premiums are lower than in the last PPS tender, which was awarded at $80 for Korean metal via Korean-Japanese joint venture LS Nikko Copper. They are also in line with the general market for CIF material in Korea, which was last assessed by FastMarkets at $50-60 per tonne.

A tender for 100 tonnes of 99.85-percent tin on a cost, insurance and freight basis to Incheon failed today - only one bid was entered.


(Editingby Mark Shaw)



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