Procurement agency goes on copper buying spree

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Procurement agency goes on copper buying spree

Korea, Asia’s third-biggest consumer of copper, bought 3,000 metric tons of the metal in a tender yesterday, according to a notice on the state-run stockpiling agency’s Web site.

The Public Procurement Service, which stockpiles strategic commodities, purchased grade-A copper from LS-Nikko Copper for delivery by July 5 to Incheon, the notice showed today.

The purchase was made at a premium of $93 a ton over the London Metal Exchange (LME) official cash settlement, the notice showed. The premium includes shipping and insurance costs.

Copper for three-month delivery traded on the LME fell 4 percent to $8,030 per ton yesterday. The metal, used in cables, wires and pipes, has gained 5.7 percent this year. Bloomberg

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