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On December 20, the SMM Imported Copper Concentrate Index (weekly) was $8.04/mt, down $1.18/mt from the previous figure of $9.22/mt. The pricing coefficient for 20% grade domestic trade ore was 93%-95%.
According to market rumors, Antofagasta offered two options for 2025 long-term contracts to Japanese smelters this week: 1. 50% of next year's volume to be settled based on the Holiday index, and the remaining 50% at a TC of $30; 2. The entire volume for next year to be settled at $25. In the spot market, traders made offers to smelters last week for January/February shipments next year, with QP at M+4 and TC at mid-to-high single digits for low-gold clean ore. During the week, a major miner conducted a tender on the morning of December 16 for standard clean ore with February shipment next year, closing on the evening of December 18. The winning bid results showed transactions with smelters at M+3 and TC at mid-single digits, while transactions with traders were at M+3 and TC at around -$10. Additionally, miners tendered for Collahuasi/Quellaveco copper mines for 2025 and 2026, with 40,000 mt per year and 10,000 mt shipped quarterly. Traders also made offers for Indonesian high-gold ore with December shipment, TC at low-to-mid $10, shipment in January, with 20g gold payable at 97.5% and 15-20g gold payable at 97.25%.
According to foreign media reports, Glencore's Pasar smelter in the Philippines may be sold due to low raw material prices. Its blister refining capacity is 200,000 mt. According to Tongling Nonferrous Metals' announcement, insufficient rainfall and ongoing drought in Ecuador have caused tight hydropower supply, leading to a nationwide large-scale power outage policy. As a result, Tongling Nonferrous Metals' Mirador copper mine plans to suspend production for 15 days starting December 16, 2024. SMM estimates this suspension will affect copper concentrate production by 5,000 mt in metal content. Additionally, Codelco and Enami stated in a joint announcement that Codelco has completed the acquisition of a 10% stake in Quebrada Blanca. According to SMM, a copper smelter in Central China resumed production after maintenance, with its flash smelting furnace officially recommissioned at 7:00 a.m. on December 18.
SMM's nine-port copper concentrate inventory on December 20 was 1.338 million mt, up 62,600 mt from the previous period, with the main increase coming from Fangchenggang. This week, Fangchenggang's copper concentrate inventory increased by 130,000 mt WoW.
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