SHANGHAI, Nov.6 (SMM)－Last week see a stable tendency for imported copper concentrates market. With all parties waiting progress of LME Week, up to last Friday, TC of SMM Spot offers at $85-93 per tonne.
Currently TC of copper concentrates has been stabilizing, in contrast to surge of last month. Main offer still keeps above $90 per tonne, with high point at $95 per tonne. It is learned that currently smelting plants have enough inventories and some large-scale traders have ended their goods clearance. Also, it is the critical time for long-term order negotiation of TC. Hence mine traders and smelting plants will keep calm recently. SMM predicts spot TC will stabilize with balanced supply and demand for copper concentrates.
Concerning the news level, with the opening of LME Week, the market focuses on London. Sale manager of Freeport said during LME Week, due to frequent news of tense supply of copper, Freeport is planning to lower smelting fees, showing struggle between smelting plants is intensified. SMM learned the anticipated TC of long-term orders next year is $85-90 per tonne. Also Glencore says in its Q3 report, its copper output from self-owned resources dropped 11% on yearly basis to 946,500 tonnes since 2017 due to declining grade of copper mine Antapaccay. As far as concerned, whether domestic smelting plants can run into construction smoothly or the ban on scrap copper can be implemented next year with various force majeure factors will affect future tendency of copper concentrates.
Domestic pricing coefficient of copper concentrates stabilizes at 84%-85% for in-factory 20% copper concentrates and 86-87% for 25% copper concentrates.
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