China copper smelters raise floor TC to $66/mt for Q4 2019

As of Friday October 29, the SMM Imported Copper Concentrate Index stood at $62.84/mt, $1.44/mt lower than a week earlier.

SMM Imported Copper Concentrate Index (weekly) reported $57.65/mt as of July 30, up $3.95/mt from July 23, a wider increase on the week. The Import Copper Concentrate Index (monthly) for July registered $51.1/mt, up $13.54/mt from June.

Shanghai base metals traded mixed after opening on Thursday morning, as Fed failed to set a timeline for tapering asset purchase, and COVID-19 pandemic made a comeback. Meanwhile, their counterparts on LME mostly went up.

SHFE copper prices rallied from lows last week. Prices edged up from 67,500 yuan/mt and tested the 70,000 yuan/mt mark on Friday. European and US stock markets plunged sharply on Tuesday evening amid market concerns over the Delta strain, while SHFE copper prices opened lower.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

SMM data showed that the stocks rose 4,200 mt from the prior week to 439,800 mt as of Friday July 9.

This is a roundup of China's metals weekly inventory as of July 9.

The SMM Imports Copper Concentrate Index stood at $30.2/mt on April 23, $0.57/mt higher  than a week earlier. Most of the smelters have begun to purchase spot copper concentrate scheduled for June and beyond. Quotes by sellers are currently limited, while smelters stand on the sidelines, muting trades.

Treatment charges for spot copper concentrate in China are on track for refreshing record lows due to persisting worries about supply sparked by coronavirus lockdowns disrupting production and shipments from major mines. The SMM copper concentrate index, which assesses TCs for imported copper concentrate spot trades in China, stood at $54.21/mt for the week ended May 8, a low not seen since September 2019 and down more than $15/mt from the recent high of $71.47/mt notched in the week ended March 13.

On January 20, residents of Challhuahuacho conducted a 48-hour strike, in protest against MMG Limited, violating its commitments in their agreements