London 13/07/2016 - South Korea has bought copper and tin in new tenders this week, according to the country's state-run Public Procurement Service (PPS).
PPS, which manages the country's strategic stockpile of commodities, purchased 2,000 tonnes copper of Philippine origin from Glencore International for delivery to the port of Incheon at a premium of $64 per tonne over the London Metal Exchange (LME) cash price.
This is a higher upcharge than the last copper tender in June, which was awarded a $52 for Korean-origin metal, and was slightly higher than spot levels in South Korea at $50-60 per tonne CIF.
South Korea also purchased 100 tonnes of 99.9-percent purity tin of Malaysian origin at a premium of $740 per tonne and 100 tonnes of 99.85-percent material of Malaysian origin at a premium of $450 per tonne. The metal will be delivered to Incheon.
The premium for 99.9-percent tin is up 28 percent from the previous tender in last November, when PPS paid $580 for metal from Thailand. The spot premium for 99.85-percent tin is down from $490 in June.
(Editing by Mark Shaw)