By Sungwoo Park
March 13 (Bloomberg) -- South Korea’s Public Procurement Service, a state-run body that manages strategic commodities, purchased 5,000 metric tons of aluminum ingots and 5,000 tons of copper cathodes at tenders yesterday.
The agency bought the grade A copper from Glencore International AG at a premium of $104 a ton over the London Metal Exchange official cash settlement price, Lee Il Hyung, an official at the agency, said today. In a previous tender last month, they paid a premium of $135 a ton.
At a separate tender, the commodity stockpile manager purchased 1,000 tons of high-grade primary aluminum ingots with Western origins from Daewoo International Corp. at a premium of $77 a ton, said another official at the agency, asking not to be identified because he’s not authorized to talk to media. That was up from a $63-a-ton premium in a previous transaction.
The agency also bought 3,000 tons of aluminum ingots with non-Western origins from Glencore International at a premium of $120 a ton and another 1,000 tons from Daewoo at a $97-a-ton premium, he said. They paid a premium of $57 a ton for the metal with non-Western origins in last month’s tender.
To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net.
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