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Home / Metal News / Copper Stocks at China Smelters Edge up in Aug.; Spot TC/RCs for Copper Conc. Increase

Copper Stocks at China Smelters Edge up in Aug.; Spot TC/RCs for Copper Conc. Increase

Sep 25, 2014 11:56

Source:SMM

Copper stocks at Chinese smelters edged higher to 42,410 tonnes in August, SMM’s latest survey reveals.

SHANGHAI, Sept. 25 (SMM) – Copper stocks at Chinese smelters edged higher to 42,410 tonnes in August, SMM’s latest survey reveals.

Spot TC/RCs for copper concentrate rose rapidly after concentrate supply from Mongolia’s Oyu Tolgoi mine and Indonesia increased, hitting $120-130 per tonne and 12-13¢/lb in September. The rising spot TC/RCs boosted operating rates at copper smelters in July and August. However, copper stocks at smelters failed to grow significantly, as smelters moved goods aggressively to generate cash against tightening liquidity.

Copper smelters have replenished sufficient raw material stocks in the third quarter, and plan to cut spot concentrate purchases in the final quarter to better their positions in the negotiation on TCs for 2015’s term shipment. Spot TC/RCs for copper concentrate are unlikely to move sharply in Q4 as the talks on term TC/RCs for 2015 shipments kick off.

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