Copper Concentrate TCs to Peak In the Fourth Quarter

According to SMM analysis, the current copper concentrate spot market is overall characterized by an excess of supply over demand, with fewer inquiries from smelters compared to offers from traders. Buyers believe that multiple bullish factors are supporting a strong upward trend in TC prices.

These factors include the Peruvian authorities extending the state of emergency in mining corridors by 30 days, the delay in the resumption of feed for the capacity restart project at a smelter in North China until next year, the potential large-scale shipment of QB2 copper mine by the end of the second quarter to China, and the possibility of material sell-offs due to extended maintenance duration at a smelter in Central China, which could deplete raw material inventories.

The buyers' expectations are also aligned with the anticipation of TCs for copper concentrate peaking in the fourth quarter. According to SMM statistics, as of July 21, the copper concentrate inventory in the five major ports was 607,000 mt, a decrease of 29,000 mt from the previous week.

More popular news:

Shenzhen Released 24 Measures To Support High-Quality Development Of Foreign Trade

Citi Research Cautious about Copper Prices in Three Quarters, Iron Ore Prices to Have Support from Policy Stimulus

SMM Daily Comments (Jul 3): SHFE Base Metals Rose across the Board with Tin Surging, Ferrous Metals Prices Closed Mixed

SMM Daily Comments (Jul 5): Base and Ferrous Metals Prices Mostly Fell, WTI Soared despite Lingering Concerns over Global Economic Downturn

SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

China Commodity Supply and Demand Boomed in June

China Vows To Increase Macro-Control Efforts, Expand Consumption And Stabilise Investment

Citi Research Cautious about Copper Prices in Three Quarters, Iron Ore Prices to Have Support from Policy Stimulus

Copper Inventories in China Bonded Zones Plunged This Week

SAIC: Car Sales in June Rose to Highest for The Year