Metal Bulletin’s copper concentrates TC/RC index ticked higher for the second consecutive fortnight to $68.10 per tonne/6.81 cents per lb on April 30, from $67.20/6.72 cents two weeks prior.
Global spot TC/RCs are largely flat but marginal gains reflect traders bidding at higher levels for nearby cargoes.
A cargo of Los Bronces copper concentrates was offered into the spot market to traders and bid so far around the $60/6 cents mark with a quotation period of one month after the month of arrival (QP at M+1).
Trader and smelter buying levels narrowed to around $12/1.2 cents from $14/1.4 cents last month, according to Metal Bulletin’s assessment.
Miners have offered limited tonnages, especially for nearby shipment.
“There aren’t a lot of producers knocking at the door right now. My guess is a lot of miners...