Antofagasta to Start First Round Of Negotiations On Mid-Year Long-Term Contract TCs This Week, Spot Copper Concentrate TCs Remained In Upward Track

As of last Friday May 19, the SMM Imported Copper Concentrate Index (Weekly) stood at $88.13/mt, $1.25/mt higher than May 12. During the week, most market participants participated in the LME Asia Week, and the spot market transactions were limited. Some smelters purchased 10,000 mt of copper concentrate from Los Bronces mine for loading in July at over $88/mt. Traded TCs of clean seaborne ore scheduled for loading in June-August between mines and smelters stood at $85/mt. Offers were ample. Counteroffers were $91-92/mt. The market is still awaiting guidance from the results of Antofagasta's mid-year long-term contract negotiations with some Chinese smelters this week. The price coefficient of Cu 20% domestic ore stood at 88.5-89.5%.

Foreign media reported that the board of directors of the Australian mining company Newcrest Mining supported a $19.5 billion takeover offer for the Newmont mining company. Hudbay Minerals directors support the acquisition of Copper Mountain's Copper Mountain copper mine in British Columbia, Canada, for nearly C$600 million, with the offer set for a shareholder vote on June 13.

Indonesian Investment Minister Bahlil Lahadalia told reporters last Friday that Indonesia is considering increasing the Indonesian government's share of PT Freeport Indonesia's equity. Currently, the Indonesian government indirectly holds 51% of PT Freeport Indonesia's shares, and Bahlil Lahadalia said that the Indonesian government hopes to transfer the government-held The share increased by another 10%.　 

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