Copper TC/RCs soften as market eyes disruptions, shorts in second half

Copper concentrate treatment and refining charges have declined for the first time since March, as smelters took the opportunity to take on stock close to benchmark terms, amid supply concerns at Grasberg.

The Metal Bulletin copper concentrates TC/RC index came in at $83.2 per tonne/83.2 cents per pound on Thursday June 15 – down marginally from two weeks prior and reflecting a raft of smelter deals around the 80/8 mark. After production outages were resolved in March at Escondida and Grasberg, the world’s two largest copper mines, terms for copper concentrates had steadily risen from a $73.9/7.39 cents floor to $83.2/8.32 cents at the end of May. But sentiment is gradually becoming less positive about copper concentrate supply over the rest of this year, against a backdrop of market deficit expectations for 2018. “Next year...


Kiki Kang

Archie Hunter

June 16, 2017

15:35 GMT

London, Shanghai