Reuters reported that Codelco will seek to reduce 2013 physical copper premiums to Asian buyers by about USD 5 while its European rate will likely be held or trimmed by a smaller amount.

The possible offer of a roughly USD 105 premium per tonne for Chinese clients over cash London Metal Exchange copper prices comes as international mining companies fret about a sag in demand from top metals consumer China.

Trading sources said that for 2012, Codelco offered USD 90 premiums to its European clients and USD 93 premiums to its Japanese clients. Codelco sets the industry's benchmark in terms of global copper premiums.

Copper which is used extensively in construction and is seen as a bellwether for the health of the global economy, gained around 7% this quarter closing at USD 8,205 per tonne.

Source - Foxbusiness.com

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