That compares with the $123 per tonne being offered by German producer Aurubis to European clients, which it justified based on higher logistics costs and prospects for demand.
The Codelco offer represents a $30 increase from its 2021 level.
The company's regional offers to customers are used as a benchmark for similar annual supply deals signed in November or December.
The $120s offer represented a big gap between the annual terms and spot premiums. Fastmarkets' current assessment of the copper grade A cathode premium, cif Rotterdam is $45-55 per tonne.
For 2021 as a whole, Codelco expects copper production of 1.65 million tonnes.
In 2020, the world produced 23.8 million tonnes of copper, according to World Bureau of Metals Statistics.
Chile's state-owned copper producer Codelco has made a premium offer of $128 per tonne to European clients for 2022 supplies, Fastmarkets understands.