Spot Transactions and Mine Bidding Are Active, With Continuous Increase in spot TCs

As of last Friday (July 21), the SMM imported copper concentrate index (weekly) reported $93.05/mt, marking an increase of $0.31/mt compared to the previous index on July 14. According to SMM market research, the spot market transactions and mine bidding activities for copper concentrate have been quite active recently. The pricing coefficient for domestic trade mines with a grade of 20% is between 88.5% and 89.5%.

Regarding mine bidding: In Chile, a certain mine concluded a tender for 40,000 mt of clean ore with a scheduled delivery period in September. Among them, 30,000 mt were transacted between smelters and the mine, with TC at a high level of above $88/mt. Additionally, 10,000 mt were transacted between traders and the mine, with a high-level TC at over $78/mt. Codelco conducted spot tenders for Andina and El Teniente copper mines, with a TC settlement between the mining companies and two trading firms at a low level of $81-82/mt, with scheduled delivery periods in August to October. The Carmen copper mine in the Philippines conducted a spot tender for 30,000 mt, with TC settlements between three trading firms and the mining company at a high level of over $78/mt.

In the spot market: In order to make up for the previous shortfall of 30,000 mt of copper concentrate due to arsenic exceeding the standard and being rejected by customs, a smelter in Central China has procured a portion of port spot goods from traders. The smelter purchased 10,000 mt of clean ore, scheduled for June shipment and arrival in mid-July, from traders at over $88/mt. They also purchased another 10,000 mt of clean ore, scheduled for June shipment and arrival in mid-July, from traders at a high TC price of over $88/mt. Finally, they procured 10,000 mt of oceanic clean ore, scheduled for August shipment, from traders at a low TC price of $91-92/mt. Recently, there have been transactions between traders and smelters for Las Bambas copper concentrate and other oceanic clean ores, with a settlement price ranging from $93-94/mt.

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