Copper TC/RCs fall further as traders jostle to win clean cargoes

The Metal Bulletin Copper Concentrates Index dropped to its lowest level in 22 months on June 30 as heavy competition for clean cargoes among merchants continued.

The index was calculated at $80.4 per dry metric tonne/8.04 cents per lb on June 30, down from $86.8/8.68 in mid-June and down 20% on levels seen at the start of the year. The index is now at its lowest level since August 2013.
Traders and miners reported slower China-bound sales ahead of a key meeting of the China Smelters Purchasing Team (CSPT) scheduled for July 4, but merchants continued to submit aggressive bids in mine tenders held by Capstone and Newmont during the period.

Trade sources said a 10,000-tonne spot tender for Capstone’s Pinto Valley concentrates concluded in the mid-to-high $60s/6s, while a parcel...

Published

Mark Burton

Kiki Kang

June 30, 2015

17:04 GMT

London