As of Friday June 30, the SMM Imported Copper Concentrate Index (weekly) stood at $91.53/mt, $0.43/mt higher than June 21. During the week, spot trades of copper concentrate cooled down. SMM learned that one smelter and a trader traded 10,000 mt of clean ore scheduled for August with TCs of $90/mt.
One mine and a smelter traded clean seaborne ore scheduled for August with TCs of over $88/mt. During the week, SMM understood that inquiries of smelters for clean ore scheduled for loading in August currently stand at $95/mt, while offers by traders exceed $88/mt. The price coefficient of Cu 20% domestic ore stood at 88.5-89.5%.
SMM predicts that the natural disasters, labour contract negotiations and higher possibility of community road blockages suffered by South American mines in the second half of 2023 will pressure copper concentrate spot TCs.
