HONG KONG, Nov 20 (Reuters) - Chile's Codelco, the world's top copper producer, has raised the premium for 2014 term shipments to China by $40 to $138 per tonne, two trading sources said on Wednesday.

Most buyers in China paid a term premium of $98 per tonne over the cash London Metal Exchange copper prices in 2013, with smaller firms paying above the mark but less than $105 to Codelco. The premium is on CIF basis.

China is the world's top copper importer and the biggest buyer of Codelco metal.

(Reporting by Polly Yam; Editing by Richard Pullin)