Copper TC/RCs steady as attention turns to contractual supply

Treatment and refining charges (TC/RCs) for spot copper concentrates stabilised in the first two weeks of November as trade destocking eased and miners and smelters focused on contractual talks.

The Metal Bulletin Copper Concentrates Index was calculated at $105.2/10.52 per tonne on Friday November 13, down from $105.7/10.57 at the end of October, as the bulk of transactions were reported either side of the 2015 benchmark of $107/10.7.
A miner was said to have sold one cargo of clean material to a trader at just below $100/10 around the start of the month, but most trader-to-smelter sales took place between $105-110/10.5-11, market sources said.
“I don’t know why anyone would pay below $100 today because there are plenty of cargoes trading around benchmark,” one concentrates trader told Metal Bulletin.

While traders were becoming less aggressive in their efforts...

Published

Mark Burton

November 13, 2015

16:23 GMT

London and Shanghai