Codelco cuts China 2016 copper premium to 3-year low -sources

Chile's Codelco, the world's top copper producer, has slashed its 2016 premium to China for the refined metal by more than a quarter to a three-year low, traders said on Monday, the latest sign of weakening demand from the market's biggest buyer. In a move that will deepen concerns about waning consumption as growth in the world's second-largest economy slows, Chile's State-owned miner Codelco offered a premium of $98/t for 2016 term shipments, down from $133/t this year, three trading sources in China said.