MB copper concs index falls on renewed trade bidding

The Metal Bulletin Copper Concentrates Index fell nearly 3% in the second half of November, as traders bid competitively on a tender for Escondida concentrates and the looseness in the trader-to-smelter market eased after a spate of year-end sales.

The index was calculated at $102.20 per dry metric tonne/10.22 cents per lb, after a tender for Escondida concentrates attracted bids in the $80s/8s, and traders offered material into China in the mid-to-high $100s/10s.
BHP tendered one February/March parcel of Escondida in the mid-to-high $80s/8s, trade sources said, while a cargo shipping in the second quarter was sold in the high $70s/7s.

While some trade sources doubted whether the spot market would tighten sufficiently for the buyers to turn a profit on the cargoes, others said there are signs that smelters could come back to the market with strong orders towards the end...


Mark Burton

November 30, 2015

15:49 GMT