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Spot TCs for Copper Conc. Fall on Fading Expectation for Rising Supply

iconJul 8, 2014 11:46
Source:SMM
Spot TCs for imported copper concentrate fell to $105-110 per tonne given a reduction of expectation for rising concentrate supply.

SHANGHAI, Jul. 8 (SMM) – Spot TCs for imported copper concentrate fell to $105-110 per tonne given a reduction of expectation for rising concentrate supply. However, sluggish demand from Chinese copper smelters helped cap the decline.

Newmont Mining filed for international arbitration against the Indonesian policy on copper concentrate exports last week. Freeport-McMoRan Copper & Gold indicated that it has no plan to follow suit just yet. This suggests that nearly six months of dispute over the mining policy are likely to drag on. This, combined with the landslide that delayed reopening of Australia’s Mt Lyell Mine and the power outage in north Chile that affected operations at large copper mines there, undermined expectations that the supply of copper concentrate might rise again.

Chinese copper mines were more willing to sell last week given continuous rises in copper prices. Some copper smelters also stepped up purchases of high-grade concentrates despite already having comparatively large stocks on hand, enlivening trading in China’s ore markets. The price of Chinese copper concentrate (20%) was 85% of refined copper last week, while the price of copper concentrate (25%) was 88% of copper.
 

spot TCRCs wrap
Indonesia copper concentrate export policy
copper concentrate supply

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