CSPT Ups Q4 Floor Price of Spot Copper Concentrate TC/RC

Disruptions to shipping routes and the Strait of Hormuz are tightening sulfuric acid supplies. The Middle East accounts for about 24% of global sulfur output, with nearly 40% of seaborne sulfur passing through Hormuz. Chile’s main suppliers—China, Peru and South Korea—are affected, pushing spot prices up nearly 20% since early 2026. Chile is advancing domestic smelter projects to reduce import reliance and secure supply.

[SMM Copper Anode Market] Due to tight secondary copper supply and the narrowing price difference between primary metal and scrap, the supply of scrap-derived blister copper and anode plates in China market contracted significantly, and blister copper RCs in China fell sharply.

[Shanghai Spot Copper] Looking ahead to next week, the Shanghai spot copper market is expected to remain in a tug-of-war. Supply side, some suppliers had already sold part of their imported cargoes during the day, such as Onsan, SR-P, and Polish large plates, while a large volume of imported copper is still set to arrive next week, and whether actual supply will increase significantly remains to be seen. If copper prices continue to fluctuate rangebound within the current range, the increase in supply will weigh on spot premiums. Demand side, next week will usher in a stockpiling window ahead of the Qingming Festival, and downstream enterprises may have demand to restock in advance. Spot transactions are expected to improve, which may provide temporary support to premiums. In addition, from the perspective of market structure, the price spread between high-quality copper and standard-quality copper has remained at a relatively narrow level, reflecting that current market trading is mainly driven by actual consumption demand, with brand premiums weakening and buyers paying more attention to price itself rather than brand differences. Overall, Shanghai spot copper prices against the 2604 contract are expected to remain at the current level next Monday.