Spot TCs stabilize and rebound. CSPT quarterly meeting is expected to be held soon. [SMM Weekly Copper Concentrate Spot Review]

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On July 4, the SMM Imported Copper Concentrate Index (weekly) was reported at -$44.25/dmt, an increase of $0.56/dmt from the previous -$44.81/dmt. The pricing coefficient for 20% grade domestic trade ore ranged from 94% to 96%.

This week, trading activity in the copper concentrate spot market was not active. Most traders had already sold out their August positions and were waiting for September shipment arrangements. The tender result for 10,000 mt of Bisha copper concentrates (with a copper grade of 13%-15%) was a median of -$80, with a QP of M+1/4. According to SMM, the 50,000 mt of copper concentrates previously resold by Codelco due to a smelter accident were all contracted by one trader. The trader's transaction prices with domestic smelters were: a high of -$30 for 10,000 mt with a June shipment, a low of -$40 for 20,000 mt with a July-August shipment, and a mid-low of -$40 for 10,000 mt with a September shipment. Additionally, there were market rumors that a large trader had signed a long-term contract with a smelter for 300,000 mt of ore at a mid-high price of -$30, but its authenticity was questionable.

The CSPT held its 2025 Q2 general manager office meeting in Lanzhou on the morning of July 11.

MMG and Hudbay Minerals' mines in Peru are being blocked by artisanal miners - informal miners, disrupting the logistics and transportation of the mines. The transportation of copper concentrates from MMG's Las Bambas (with an estimated annual copper production of 380,000 mt in metal content in 2025) and Hudbay's Constancia (with an estimated annual copper production of 80,000-97,000 mt in metal content in 2025) has been interrupted.

First Quantum Minerals' Cobre Panama copper mine is shipping out its inventory copper ore. A bulk carrier named Lipsi departed from First Quantum Minerals' private port Punto Rincon, which is dedicated to shipping copper concentrates from Cobre Panama, on June 18.

SMM's copper concentrate inventory at nine ports was 666,200 mt on July 4, an increase of 42,700 mt from the previous period. The main increase came from Qinzhou Port, where copper concentrate inventory increased by 22,000 mt on a WoW basis this week.

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