Copper concentrate: Quotes and counter-offer inched higher

SHANGHAI, Apr 26 (SMM)—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.

Smelters will undertake concentrated maintenance in May and June, giving a buffer period for copper concentrate inventory. Spot copper concentrate TCs have moved below  $30/mt for over two weeks. Quotes and counteroffers stood between high-20s and low-30s last week. Bid solicitations by Carmen copper mine in the Philippines and Buenavista copper mine in Mexico have been the focus of markets recently.

The leaders of 15 domestic leading copper smelting enterprises held a symposium on April 19 which focused on deepening supply-side structural reforms and active response to the carbon neutrality and emissions peak targets. The participants agreed to accelerate structure adjustment of copper smelting raw materials, expanding the use of blister copper and copper scrap in order to improve the modernisation level of China’s copper industry chain and supply chain, and recommended the government to strictly control new copper smelting capacity.

On April 21, around 6,000 workers participated in short-term strikes at 23 ports on the heel of Chilean president’s attempt to block a bill that allows people to withdraw pensions for a third time. But that did not disrupt import and export.

The pricing coefficient of domestic copper concentrate (Cu 20%) move between 89-90% (spot cargoes, delivery to factory) for domestic smelters last week, flat from the previous week.

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