Copper Concentrate Benchmark TC/RC Set at $65/mt and ￠6.5/lb Respectively in 2022

China imported 2,187,588.51 mt of copper ore and concentrate in November, a surge of 22.3% from the previous month and a year-on-year growth of 18.8%, according to customs statistics.

According to data from China Customs, China imported 2.188 million mt of copper ore and concentrates in November 2021, the highest level since December 2007, and a significant month on month increase of 21.76%.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4. Spot TC has fallen to $30/mt at the end of March, the lowest level in ten years. Many smelters suggested that they could not accept prices below $30/mt. In doing so, the CSPT did not determine the rock-bottom price for Q2, the price in Q3 rose slightly from Q1 and increased sharply in Q4, indicating that the tight supply of copper concentrate was eased.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4.

SMM RCs for domestic blister copper stood at 1,800-2,000 yuan/mt in May, up 100 yuan/mt month on month. RCs for imported blister copper were $185-205/mt on a cif basis, up $15/mt on the month.

The China Smelters Purchase Team (CSPT) held a first-quarter general manager's office meeting in Shanghai Pudong this morning.

The SMM Copper Concentrate Index comprises of the prices of copper concentrate TC in the spot market

As of Friday Feb 1, TCs for lead concentrate (Pb 50%) were heard at 1,800-2,000 yuan/mt in Henan province

Aluminium and nickel return to fundamentals with sanctions on Rusal in flux

Spot copper concentrate TCs fall further in Q2, in line with SMM expectation