SHANGHAI, Oct. 21 (SMM) – The negotiations over 2016 copper concentrate TC/RCs for term shipment are about to begin. Will the 2016 term TC/RCs for copper concentrate continue rising?
Ahead of the talks, copper miners and smelters have begun their bets in this see-saw game. On the supply-side, copper mines announced to cut output, while on the demand-front, smelters took unit maintenance.
With ore supply growing, TC/RCs for copper concentrate have been rising in recent years, but in 2015, spot TC/RCs for copper ore headed to declines due to supply disruption from adverse weather and strike at mines.
In August, spot TC/RCs for copper concentrate dropped to $80.625 per tonne or cents 8.0625 per lb, the lowest level so far this year, according to SMM data, a drop of $46.875 per tonne or cents 4.8765 per lb from 2014’s peak.
Chinese smelters asked in late August for a 10% rise in TC/RCs from July’s level, and traders said that domestic smelters had refused to take spot TC/RCs below $90 per tonne or cents 9 per lb for Q3’s shipments. In September, spot TC/RCs for copper concentrate rose from August’s level.
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