Spot TCs of Copper Concentrate Hovered around $71-72/mt Last Week in the Sluggish Market

SHANGHAI, Aug 1 (SMM) - As of last Friday July 29, the SMM Imported Copper Concentrate Index (Weekly) stood at $71.66/mt, $0.17/mt higher than the previous week. Last week, the spot trading of copper concentrate was slack, and the imported copper concentrate TCs stabilised at $71-72/mt, which were mainly scheduled to be shipped from August to October. According to the SMM survey, a smelter purchased some overseas clean ore, and the specific quality is still being selected. The TCs stood at $71-75/mt, which was scheduled to be shipped in August.

On the news front, last Monday, Codelco gradually resumed the Rajo Inca project and Chuquicamata underground mine project which had been suspended due to the death incident of workers. Codelco also set up a joint committee with the trade union to investigate the security problems of the enterprise. Sernageomin, the Chilean mining regulatory agency, said that it had indeed found safety hazards in Salvador's mine production. The Valparaiso Coeva Environmental Committee rejected the application for an expansion project worthing $40 million of Anglo American’s El Soldado copper mine. In May 2022, the application for a 3-billion-dollar expansion of Anglo American’s Los Bronces copper mine was also rejected.

On the whole, mines in South America are facing problems of sage accidents and tax policies. Last week, the raw materials of most large smelters were mainly preserved for long-term orders. Some smelters quoted the TCs of clean ore at $74-75/mt, while the sellers offered $71-72/mt. The pricing coefficient of domestic spot Cu 20% copper concentrate remained unchanged at 89-90% on a delivery-to-factory basis WoW.