Spot Copper Concentrate TC Weak, Transactions Steady

SHANGHAI, Mar. 15 (SMM) - Refined copper prices remained weak, while copper concentrate prices stood firm, with strong demand from smelters. Meanwhile, mines in remote regions restarted production due to improving weather, and will increase copper concentrate supply to the market. Besides, output from large mines will increase, while will also contribute to domestic copper concentrate output.

The SHFE/LME copper price ratio dropped this week, and transactions of copper concentrate did not expand. According to a recent SMM survey, copper concentrate market overseas remains in surplus. But given high pricing coefficient and low TC, both traders and smelters remain cautious.

TC for spot copper concentrate fell further by USD 2/mt, to USD 63/mt. The pricing coefficient for spot copper concentrate (20%) was steady at 86%. SMM sources report imports of copper ore (≥10%) from Burma and South Africa expanded. Traders reported slow trade negotiations due to high quotes for copper concentrate overseas. But given strong demand in China, spot copper concentrate imports should grow in the near term.