The Export-Import Bank of Korea said on Monday it will provide a US$1bn loan to
commodity trader Glencore to secure copper supplies for Korean firms. The loan
will be made to Swiss-based, wholly owned unit Glencore International for
general working capital; Glencore has agreed to supply copper to Korean
companies during the loan term but details were not disclosed. South Korea is
heavily reliant on imported copper, and demand has risen on an AI data-center
buildout and higher power needs. Copper prices are up about 15% year-to-date and
near record highs. The bank said the financing is intended to stabilize critical
raw-material supplies for Korea’s advanced industry supply chains.