Metal Bulletin’s copper concentrates TC/RC index
shot up by $5.40 per tonne/0.54 cents per lb over the past two weeks to $77/7.7 cents on Friday June 15 - its highest level since January, when the index normalization method was adjusted to include a counterparty factor
Sellers had resisted offering spot copper concentrates at TC/RCs over benchmark levels of $82.25/8.225 cents to smelters for two months after major Indian smelter Sterlite Copper was forced to close its Tuticorin plant and declare force majeure on supply contracts at the end of May.
But a flurry of direct deals reported to Metal Bulletin at $84-86/8.4-8.6 cents indicates that smelters in China are now buying spot parcels at a higher level, with deals also heard as high as $89/8.9 cents.
“Not everyone is in a position to hold out...