The SMM Copper Concentrate Index in September rose by $0.18/mt on the month to $93.40/mt. The SMM Imported Copper Concentrate Index (weekly) for the week ending September 28 stood at $93.23/mt.
SMM understood that the CSPT finalised the guidance TCs of spot copper concentrate in the fourth quarter of 2023 at $95/mt and $0.095/lb at the third quarter general manager's office meeting, flat from those in the third quarter of 2023.
Due to an unexpected maintenance at a Japanese smelter and cash flow issues at one Brazilian smelter, the traders that supplied Morenci and Brazilian clean copper concentrate to the two smelters redirected the cargoes in the spot market, underpinning copper concentrate TCs that had already entered the "downward channel". The spot TCs thus remained in the mid-to-low $90s. According to SMM survey, a Japanese copper smelter undertook maintenance due to an accident in September. This resulted in the redirection of the copper concentrate originally slated to arrive in Japan in mid-September to the Chinese market. Hence, 10,000 mt of Morenci copper concentrate was offered with TCs in the mid-to-low $90s, which is expected to arrive at Chinese ports in early October. Copper concentrate supposed to be supplied to Brazil's Paranapanema smelter was offered for sale in the market as the smelter underwent cash flow issues.
According to SMM survey, the Jiama Copper Gold Polymetallic Mine, which was previously affected by an industrial accident, is expected to resume production in November. Losing half of its output this year, SMM estimates that the copper concentrate output of the mine in 2023 will be 40,000 mt with metal content. In Mongolia, truck and bus drivers at the Erdenet copper mine open-pit mine went on strike at the beginning of the month seeking an increase in wages. According to mine workers, the strike ended two weeks ago and the strike did not have an impact on mine production.
Buyers' inquiries have become active recently. The overall inquiries for spot clean ore scheduled for November/December stood at $95/mt, while sellers sold with TCs in the mid-to-low $90s. TCs of clean ore scheduled for the fourth quarter were traded in the high $80s between mines and smelters, and in the high $70s between mines and traders.
![Copper Inventories in Major Regions of China Continued Destocking During the Week [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
