SHANGHAI, Jun 25 (SMM) - As of Friday June 25, the SMM Imported Copper Concentrate Index (weekly) stood at $39.4/mt, $1.54/mt higher than a week earlier. Traded TCs stood at or above $40/mt despite quiet trades, which were favourable for smelters.
The second round of negotiations between Chinese smelters and Antofagasta in the first half of the week, and Tongling general manager office meeting for the second quarter held by CSPT on Friday morning were the focus of markets.
Some Japanese smelters accepted TCs of $51-52/mt in the negotiations between Antofagasta and Japanese smelters. Most of the contracts between Antofagasta and Japanese smelters will choose Holiday and Fallback.
Initial TCs exchanged between Chinese smelters and Antofagasta in the second round of negotiations last week stood at $61-62/mt and $50/mt. The market is awaiting the third round of negotiations this week. Suppliers and sellers are at great odds over supply and demand.
The third-quarter spot copper concentrate purchase guidance TCs were decided at $55/mt and 5.5 cents/lb at the Tongling general manager office meeting for the second quarter held by CSPT on Friday. SMM believes that this guidance TCs reflect the attitudes of smelters.
The pricing coefficient of domestic copper concentrate (Cu 20%) moved between 89-91% (spot cargoes, delivery to factory) for domestic smelters last week, flat from the previous week.