SHANGHAI, Dec 23 (SMM) - Chinese smelters, led by Jiangxi Copper, Tongling Nonferrous Metals, China Copper as well as Jinchuan Group settled the copper concentrate benchmark TC/RC with Freeport under long-term contract for 2022 at US$65/mt and ¢6.5/lb respectively. According to SMM, Antofagasta has confirmed to follow the benchmark TC/RC on December 22.

The benchmark TC/RC were finalised at US$59.5/mt and ¢5.95/lb respectively in 2021, reflecting the final agreement between buyers and sellers that the copper concentrate market will be loose compared with 2021, which also alleviated the pressures faced by the smelters when negotiating long-term contracts with ore traders.

The difference in Package was such that the TCs between ore traders and smelters for long-term contracts were mostly US$2-8/mt lower than the Benchmark prices.