The Metal Bulletin TC/RC index
firmed to $79.8 per tonne/7.98 cents per lb from $77/7.7 cents. Terms have risen over 11% in a month from $71.60/7.16 cents at the end of May.
“Every time you turn around it’s $2.50/0.25 cents higher if you want to sell tonnes,” a concentrates trader said.
Production disruptions at India’s Sterlite Copper, Pasar in the Philippines and Saganoseki in Japan means previously contracted tonnages are being diverted into an already oversupplied spot market.
Sterlite’s Tuticorin Smelter remains sidelined and out of the market.
In the past two weeks Metal Bulletin reported that Glencore’s Pasar will taper production in August
and Pan Pacific Copper’s (PPC) Saganoseki will close for an unplanned two-week maintenance period
in July, diverting tonnages into the spot market.
But market sellers are finding it difficult...