SMM, Oct. 22: last week, the imported copper concentrate market remained stable, the spot transaction TC was still above 90%, the supply and demand of copper concentrate was relatively stable, and BHP lowered its production forecast, making the market slightly more worried about the supply of copper concentrate next year. As of Friday, SMM clean mine spot TC was at $90 to $95 a tonne, unchanged from the previous month.
BHP Billiton cut its production forecast by about 60, 000 tons within a week after a fire broke out at a factory in Spence, Chile, last month, and production at the Pampa Norte plant, including Spence, fell 1/4, which will resume full production this quarter. At the Olympic dam, production fell 21% this quarter due to problems at the acid plant. Reminiscent of Minmetals Resources, it announced on September 18 that mining activities in parts of the, Las Bambas mine Ferrobamba mine were limited due to local pit wall instability, and that copper concentrate production in the third quarter would be lower than expected. Las Bambas2018's annual copper concentrate production is likely to be between 375000 and 395000 tons, below the previous production guidance of 410000 to 430000 tons. Combined with the reduction in production of nearly 300000 tons of grasberg, concerns about a shortage of copper mines have spread. In addition, as far as we know, Vedanta hopes to resume production after India's major elections in April and May next year, and most overseas traders expect it to restart in the first half of next year. However, this is not what the company can decide, there is a greater accident, we believe that if Vedanta resumes production in the first half of next year, the copper concentrate in the second half of next year will be more precious, and TC will decline rapidly. (SMM grandson Yang)