The Metal Bulletin Copper Concentrates Index rose to $98.6 per tonne
/9.86 cents per lb
on Thursday July 31, up $3.5/0.35 cents from the July 15 calculation, as Chinese smelters reported buying above $100/10.
The more aggressive trade bidding that had underpinned the recent move lower also faded following the announcement that PT Freeport Indonesia has struck a deal
to restart exports after a six-month halt.
Several trade sources quoted clean copper concentrates market in the mid-$90/9s level, although trading activity slowed down significantly in the latter half of the month.
“We can clearly feel that traders are eager to sell their current stock as now the Indonesia issue has been resolved, TC/RCs may go up further,” a source at a smelter in China told Metal Bulletin.
“The offer price for standard clean concentrates is around $100-105 these days,...