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On May 23, the SMM Imported Copper Concentrate Index (weekly) was reported at -$44.28/dmt, a decrease of $1.23/dmt from the previous -$43.05/dmt. The pricing coefficient for 20% grade domestic trade ore ranged from 93% to 95%.
During the week, the LME conference reduced the activity of spot copper concentrate transactions and inquiries/offers. The tender results from Newmont were announced, with a winning bid price of -$80 for 20,000 mt of Red Chris copper ore, with shipment periods of July for 10,000 mt and November for 10,000 mt. The tender results for 10,000 mt of standard clean ore from a major miner to a smelter were also announced, with a winning bid price in the mid -$40s and a shipment period of July. A trader offered 10,000 mt of clean ore to a smelter, with an RC close to the mid -$40s and a shipment period of June.
During the week, Antofagasta initiated the first round of mid-year long-term contract negotiations with Japanese smelters and will commence the first round of negotiations with Chinese smelters in the next period. The first round of negotiations will only involve the exchange of fundamental information.
After a fire-related shutdown in October last year, Freeport Indonesia's Manyar smelter resumed operations ahead of schedule and is expected to start producing copper cathode in the fourth week of June and reach full capacity by December.
In the past week, seismic activity occurred in the eastern section of the Kamoa-Kakula copper mine. Ivanhoe Mines stated that all employees had been safely evacuated with no injuries. On May 18, Ivanhoe Mines suspended underground mining operations at the Kamoa-Kakula copper mine. Ivanhoe Mines indicated that seismic activity had significantly decreased in the past 24 hours, and operations might resume soon.
Anglo Asian Mining's Gilar copper-gold mine at Gedabek in Azerbaijan has commenced production. The mine aims to extract 2,000 mt of ore per day. After steady growth, monthly ore production is expected to reach 50,000 to 60,000 mt.
On May 23, the SMM copper concentrate inventory at nine ports was 780,300 mt, a decrease of 39,400 mt from the previous period. The main reduction came from Jinzhou Port, where copper concentrate inventory decreased by 38,000 mt WoW this week.
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