SHANGHAI, Jan. 18 (SMM) – With LME copper remaining weak and the SHFE/LME copper price ratio slipping, TC/RC for spot copper concentrate lacked rising momentum this week. But traders and copper smelters still held hope for 2013 TC/RC, helping boost spot copper concentrate market activity.
SHFE 1302 copper contract kept fluctuating at current levels with the low-end price at RMB 57,270/mt. SMM believes that SHFE copper prices unlikely to gain further rising stream over the short term as domestic traders expressed strong willingness in moving goods this week. Meanwhile, high prices at overseas markets restricted copper concentrate imports.
TC/RC for long-term contracts of copper concentrate has been basically settled at around USD 70/mt this year, which weighed down TC/RC for spot copper concentrate to levels between USD 70-75/mt. Transactions for high-quality copper concentrate were comparatively low, but overall copper concentrate market was brisk. Copper concentrate market transactions will probably increase further with traders holding more optimistic attitudes over future markets.