Spot copper concs market steady as smelters resist lower offers for clean cargoes

The spot market for copper concentrates was broadly steady in early March, as buyers in China continued to target high treatment and refining charges (TC/RCs) despite recent disruptions to mine supply.

The Metal Bulletin Copper Concentrates Index was calculated at $98.7 per dmt and 9.87 cents per lb on March 13, compared with $96.2/9.62 cents on February 28.
Sentiment was mixed in the first two weeks of March as ongoing mine supply cuts supported a bullish mood among producers and traders, while smelters in China sought to resist demand for lower charges, citing ample working inventories and sufficient supplies under long-term contracts.
A 10,000-tonne Antamina tender held within the last week was said by traders to have concluded at about $88/8 cents, while sales to smelters also became more active throughout the first two weeks of March, following a hiatus in cif China trade over the Lunar New Year holiday in February.

The mine-to-trader Antamina deal was above the $81/8.1 cent level traders were said to...


Mark Burton

March 16, 2015

00:00 GMT