China copper smelters failed to agree on floor TC for Q2 2020

Published: Apr 8, 2020 18:24

Save

China’s copper smelters failed to reach an agreement on the floor treatment and refining charges (TC/RCs) for the second quarter of 2020 at a meeting by video conference on Wednesday.

SHANGHAI, Apr 8 (SMM) – China’s copper smelters failed to reach an agreement on the floor treatment and refining charges (TC/RCs) for the second quarter of 2020 at a meeting by video conference on Wednesday.

The floor TC is expected to fall within the range of $60-65/mt, according to the quarterly meeting of the China Smelters Purchase Team (CSPT) and quotes from smaller smelters.

For the first quarter of 2020, the floor TC/RCs were set at $67/mt and 6.7 cents/lb, and the TC marked a moderate increase of $1/mt from the last quarter of 2019.

At the meeting, small and medium-sized smelters said that they are still facing heavy pressure from the byproduct—sulpfuric acid.

SMM copper concentrate index, which measures TCs for spot trades in China, stood at $62.5/mt for the week ended April 3, down $2.82/mt from the previous week. The index reached a one-year peak of $71.47/mt in the week ended March 13.

Spot TCs fell sharply as concerns about supply were sparked by measures imposed to contain the spread of the coronavirus pandemic in major producing countries.

Copper TCs Copper concentrate

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 min ago

【Flash | Peru’s Molybdenum Export Volumes Jump 75.3% YoY in July】

Peru’s Central Reserve Bank reported that the country’s molybdenum export volume rose 75.3% year on year in July 2026, in line with higher production. The increase points to stronger outbound shipments that month. Export volume and mine production are different measures, however, and one month’s shipments do not establish the outlook for future output or global supply.

1 min ago

35 mins ago

China's physical demand recovers, Yangshan copper premiums rise to near four-year high [SMM Copper Morning Meeting Minutes]

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,378/mt, drifted higher after the open, touched a high of $14,513/mt, and finally closed at $14,464/mt, up 1.50%. Trading volume reached 21,000 lots, and open interest reached 263,000 lots, an increase of 2,138 lots from the previous trading day, reflecting increased positions by bulls. Overnight, the most-traded SHFE copper 2610 contract opened at 109,200 yuan/mt, rose to touch a high of 109,850 yuan/mt during the session, then pulled back somewhat, and finally closed at 109,650 yuan/mt, up 1.06%. Trading volume reached 34,000 lots, and open interest reached 159,000 lots, a decrease of 776 lots from the previous trading day, reflecting reduced positions by bulls.

35 mins ago

12 hours ago

[Contract rollover and tight supply drive Shanghai spot copper premiums to a new YTD high after initial dip]

12 hours ago