Opinions among smelters remained contentious on benchmark TCs of copper concentrates

As of November 24, the SMM Imported Copper Concentrate Index (Weekly) stood at $81.36/mt, $3.01/mt lower than a week earlier. Antofagasta and a Chinese copper smelter agreed last week on a TC of $80/mt for another 50% of the annual supply of copper concentrate in 2024. The remaining three smelters involved in long-term contract negotiations did not make further exchanges on benchmark TCs with Antofagasta and Freeport. The price coefficient of Cu 20% domestic ore stood at 89.5-90.5%. In the spot market, spot trades between smelters and traders were subdued. Traders focused more on the negotiations of the benchmark TC. There have been spot quotes by trades for shipments in January next year, and the offers dropped to the mid-to-high $70s. During the week, the trades of mines and smelters were relatively active. The loading period of standard clean ore was between January/February next year, and the TCs were in the mid-to-high $70s.