Benchmark RC for imported copper anode was set at $145/mt cif in 2021 long-term contracts

SHANGHAI, Jan 13 (SMM)—Jiangxi Copper and Chambishi, a Zambian blister copper producer under China Nonferrous Metal Mining Group, set the benchmark refining charge (RC) for imported copper anode at $145/mt cif, in their 2021 long-term contracts, rising significantly from the $128/mt in 2020, which indicates market expectations of ample blister copper supply in the future.

In the domestic spot market, RCs for domestic blister copper mainly stood between 1,450-1,550 yuan/mt(delivery to factory) in December, with the average RC up 25 yuan/mt on the month, while RCs for imported copper anode stood at $155-165/mt cif, with the average figure up $2.5/mt month on month. Overseas high-quality copper scrap flowed into the domestic market after the secondary copper resources policy took effect, driving some domestic low-quality copper scrap to smelters. SMM learned that RC for domestic blister copper was set at about 1,500 yuan/mt in long-term contracts in 2021. Imports of copper anode stood at 117,700 mt in November, recording a new high. Ample blister copper stocks at domestic smelters kept RCs at high levels.