The monthly SMM Imported Copper Concentrate Index stood at $82.36/mt in November, down $5.58/mt from October. The weekly SMM Imported Copper Concentrate Index stood at $78.97/mt as of December 1. The copper concentrate spot market in November was affected by the China International Import Expo, the CESCO Week and negotiations on the benchmark TC under long-term contracts in 2024. Spot trades were subdued.
In the spot market, traded TCs of standard clean ore between mines and traders were in the mid-to-high $50s. And TCs offered by Caserones copper mine to traders were in the high $50s. Spot cargoes currently held by traders are scarce, but many smelters in central, northwest and north China needed spot cargoes. Under the tight supply, tradable TCs of clean ore scheduled for January to February next year between traders and smelters were in the mid $70s, and those for mixed ore were $80/mt to the mid-to-low $80s, depending on the buyers’ cargo shortage degree
