Customers Canceling Orders at World's Largest Copper Producer

The futures are down 1.47% at $3.9435.
From Reuters:

Codelco clients ask to cancel orders on global turmoil

Decision reflects market uncertainty - Codelco official

 * State copper giant begins sales season in October

 SANTIAGO, Sept 11 (Reuters) - Chile's Codelco, the world's
top copper producer, said some of its European and U.S. clients
asked to cancel orders due to fears there will be less demand
amid global financial turmoil, a newspaper reported on Sunday.

 Codelco [CODEL.UL] did not reveal the amount or value of
the cancellations. The state company begins its sales season in
October and local media say it has committed to selling 80
percent of its 2012 production.

 "This reflects the uncertainty in these markets," Rodrigo
Toro, vice president at Codelco, told El Mercurio newspaper.

 The cancellation requests are being negotiated because the
company has long-standing relations with its clients, Toro was
quoted as saying.

 Surging demand from China, the world's leading copper
consumer, and supply fears helped lift copper prices to record
highs this year, but they have since fallen back due to
uneasiness over the world economt....MORE

HT: Marginal Evolution