SHANGHAI: State-owned metals trader China Minmetals Corp has agreed to buy copper from Poland’s KGHM with a total contract value of $3 billion, the Chinese firm said in a posting on its website on Tuesday.

The company did not disclose the volume of the contract or how long it would run.

Minmetals is China’s biggest steel and base metals trader. KGHM is Europe’s second-largest copper producer.

The contract was signed when Chinese President Xi Jinping visited Poland this week to strengthen political and business ties between the two countries, Minmetals said. Poland is keen to increase its exports to China, which were worth about $2 billion last year, dwarfed by its exports to Germany worth $54 billion.—Reuters