No guidance price set for copper concentrate procurement in Q3; Glencore discusses follow-up matters for Parsa smelter [SMM Weekly Review of Spot Copper Concentrates]

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On July 11, the SMM Imported Copper Concentrate Index (weekly) was reported at -$43.79/dmt, an increase of $0.46/dmt from the previous -$44.25/dmt. The pricing coefficient for 20% grade domestic trade ore ranges from 94% to 96%.

The spot copper concentrate market saw sluggish trading activity during the week. A trader won the tender for Bisha with a mid-range TC of -$80 last week and began offering quotes to smelters, with offers in the high -$30 range. Some traders offered Mexican blended ore and Cozamin copper mine container cargoes with loading periods in August and pricing periods of M+1/4. A trader offered 20,000 mt of Timok copper mine to smelters with a mid-range RC of -$40, a loading period in August, and a pricing period of M+1/4. Newmont's Red Chris and Cadia copper mines launched tenders for traders, each for 10,000 mt, with loading periods in the second half of the year and shipments of 10,000 mt in Q1. A tender for 20,000 mt of Carmen copper mine was launched, with loading periods in October/November. A trader offered several packages of bundled ore during the week, with loading periods in the second half of the year and an RC near the mid-range of -$40. Some traders offered clean ore with a loading period of 20,000 mt in Q3, with an expected transaction price in the low -$40 range. As the LME forward futures market structure shifted to Contango, traders also began pricing forward contracts.

According to SMM, the CSPT held its 2025 Q2 general manager office meeting in Lanzhou on the morning of July 11 and decided not to set a guidance price for spot copper concentrate procurement in Q3.

According to SMM, Korean smelters Follow the results of mid-year negotiations at 0 US dollars, while Japanese smelters have a high probability of being on Holiday.

According to foreign media reports, Glencore is discussing the sale of the Parsa smelter with the local Villar family; Hudbay Minerals has temporarily suspended operations at Snow Lake due to wildfires in northern Manitoba, with Snow Lake expected to produce 10,000 mt in metal content of copper in 2025.

On July 10, the Phase II expansion project of the Mirador copper mine under Tongling Nonferrous Metals Group advanced normally as planned, with heavy-load commissioning in July.

SMM's copper concentrate inventory at nine ports was 645,600 mt on July 11, a decrease of 20,600 mt from the previous period, mainly due to a decrease in inventory at Fangchenggang. This week, the copper concentrate inventory at Fangchenggang decreased by 60,000 mt MoM.

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