Basis of and justification in arriving at the prices for the Products Sample Clauses

Basis of and justification in arriving at the prices for the Products. Pursuant to the Supply Agreement, the prices for the Products (per MT) have been negotiated on a willing buyer willing seller basis between Anzo Trading and CSTME and are determined on the basis as set out below: (a) Birch/cliff copper scrap: at 87.5% of the average price of copper (per MT) as quoted on the London Metal Exchange (“LME”) for the calendar week preceding the date of the purchase order; and (b) Xxxxx/candy copper scrap: at 93.5% of the average price of copper (per MT) as quoted on the LME for the calendar week preceding the date of the purchase order. The LME is the world centre for industrial metals price discovery, hedging and trading. The metals industry together with financial participants who trade metal rely on LME for price discovery of their metal transactions. The majority of all non-ferrous (also known as “base metals”) futures business is transacted on its 3 trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. The prices discovered on these 3 transparent and regulated trading platforms are used as the global reference price for both the metal and investment communities. The price discovery is reflective of global metal supply and demand. The ability to hedge is dependent on these prices. The LME provides producers and consumers of metal around the world with the means to manage their exposure to the risk created by metal price volatility. Hence, the pricing of the Products is based on a globally reputable reference price which enables the Company and CSTME to determine the Products’ prices in a transparent and objective manner after taking into consideration the purity of the Products supplied by Anzo Trading. The Products are priced lower compared to the average price of copper quoted on the LME by 12.5% for birch/cliff copper scrap and 6.5% for xxxxx/candy copper scrap due to the grade of the copper supplied by Anzo Trading. Copper scrap contains impurities as compared to pure copper quoted on the LME. Anzo Trading also considered other factors such as bulk purchase by CSTME at pre-determined rate as mentioned above. For information purpose, birch/cliff copper scrap typically consists of miscellaneous, unalloyed copper scrap having a normal 96% copper content (minimum 94%) as determined by electrolytic assay, i.e. copper wire from burning whilst xxxxx/candy scrap typically consists of clean, untinned, uncoated, unalloyed copper wire and cable, free of brittle wire with 97% to 98% copp...
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Related to Basis of and justification in arriving at the prices for the Products

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