SHANGHAI, Nov 29 (SMM) – Chilean miner Antofagasta has agreed to supply Chinese and Japanese smelters with copper concentrate in the full 2020 at treatment and refining charges (TC/RCs) of $62/mt and 6.2 cents/lb.
This came in line with the agreement reached between the US-based miner Freeport-McMoRan and Chinese smelters Jiangxi Copper, Tongling Nonferrous and China Copper (formerly Yunnan Copper) last week.
The copper concentrate annual benchmark TC has fallen for a fifth straight year to the lowest in eight years, and marked a drop of 23% from $80.8/mt in 2019.
SMM assessed spot copper concentrate TC at $54.5/mt for August, the lowest since 2012.
SMM copper concentrate index stood at $58.5/mt for the week ended November 22.