Spot copper TC/RCs inch higher as tender activity slows, traders destock

Spot treatment and refining charges inched higher in the first half of August as mine tender activity slowed and traders turned their attention to sales in the Chinese market.

Large Chinese smelters acted calmly during the period, but small-scale smelters showed higher buying interest, with trader and smelter sources reporting business with treatment and refining charges between $85-95 per dry metric tonne and 8.5-9.5 cents per lb. The Metal Bulletin Copper Concentrates Index was calculated at $84.20 per dry metric tonne/8.42 cents per lb on August 14, compared with $83.20/8.32 cents on July 31. Miner-to-trader deals were still taking place between the high $60/6s and high $70/7s, albeit in lower volumes than were seen in July. One Antamina tender for fourth-quarter shipment was reported by traders to have concluded in the high $70/7 cents, while a private sale of other high-grade clean concentrates was reported at about $68/6.8 cents. BHP also tendered a parcel of Antamina shipping in the...

Published

Mark Burton

August 14, 2015

14:14 GMT

Shanghai and London