The futures are down 1.47% at $3.9435.
Codelco clients ask to cancel orders on global turmoil
HT: Marginal EvolutionDecision reflects market uncertainty - Codelco official* State copper giant begins sales season in OctoberSANTIAGO, 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