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On December 27, the SMM Imported Copper Concentrate Index (weekly) was $6.91/mt, down $1.13/mt from the previous figure of $8.04/mt. The pricing coefficient for domestic ore with a grade of 20% was 93%-95%.
According to SMM, the CSPT held its Q4 2024 General Manager Office Meeting on the morning of December 26 in Shanghai. The CSPT approved Minmetals Copper (Hunan) Co., Ltd., Baotou Huading Copper, and Yunnan Tin Co., Ltd. as official members of CSPT. Mr. Guojian Wang, Director of the Commerce Department of Tongling Nonferrous Metals Group Co., Ltd., was elected as the next CSPT group leader. The guidance processing fee for spot copper concentrates procurement in Q1 2025 was finalised at $25/mt and 2.5¢/lb.
According to SMM, the spot market for copper concentrates saw a rebound in activity during the week. Previously, Buenavista mine conducted a tender, with five traders winning bids for 100,000 mt of Buenavista copper concentrates at a winning bid price of -$50. A trader sold less than 10,000 mt of clean ore to a smelter at a single-digit mid-range processing fee, with the shipment scheduled for Q1 next year and the QP set at M+5. During the week, a smelter signed a long-term contract for copper concentrates for next year, settled based on the spot index. Previously, miners set the validity period for tenders of Collahuasi/Quellaveco copper concentrates for 2025 and 2026 until 7:00 PM on December 27, with 40,000 mt per year and 10,000 mt shipped each quarter.
In the 2024 BM negotiations, there were significant differences among Japan, South Korea, and China. According to market rumors, a Japanese smelter, with an annual trade volume of approximately 100,000 mt with Antofagasta, firmly demanded a BM result of at least $30. Another Japanese smelter, with an annual trade volume of 300,000-400,000 mt with Antofagasta, was the first to reach an agreement with Antofagasta on a BM result of $25. The last Japanese smelter, with an annual trade volume of over 300,000 mt with Antofagasta, is still negotiating and has not accepted a BM figure below $30. Additionally, Freeport is still offering long-term contracts to smelters in China, Japan, and South Korea, primarily supplying Cerro Verde copper concentrates. Unlike the previous three-year negotiation cycle, starting this year, negotiations are conducted annually. Smelters are still discussing the long-term contract volumes for next year, with no figures disclosed yet.
As of December 27, SMM copper concentrate inventory at nine ports was 1.3136 million mt, down 24,400 mt from the previous period, with the main reduction coming from Fangchenggang. This week, copper concentrate inventory at Nanjing Port decreased by 20,000 mt WoW.
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