Sinopec’s subsidiary in the United States is purchasing copper to send to its equipment suppliers in China, a rare move by a Chinese NOC, Reuters reported on Tuesday.
Sinopec USA is seeking to buy a total of 300,000 tpa of copper and copper concentrates to resell to Chinese suppliers of copper rods and cables.
Sinopec intends to then buy the finished products.
Companies such as carmakers often agree long-term deals for supplies of commodities such as aluminium and copper to protect against price volatility and...
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