Copper TC/RCs stable in September as traders make bullish bets on 2019

Spot market copper concentrate treatment and refining charges (TC/RCs) were stable during early September, with smelters picking up tonnes for the fourth quarter, and traders angling bets on 2019 terms in recent tenders.

The Metal Bulletin TC/RC index remained at $84 per tonne / 8.4 cents per lb, where it has been since August 15. 
Tender season kicks off with aggressive bids
After a year of fluctuating terms in 2018, tenders floated out to the market for next year’s tonnage indicate that some buyers at least are willing to pay very low TC/RCs to get a hold of concentrates.
Antofagasta’s tender to supply one parcel of Centinela concentrates for each quarter of 2019 and a parcel of Los Pelambres for each half of the year, was said to have achieved numbers below $60/6 cents for at least the bulk of tonnage offered.

Sources bidding on the cargoes informed Metal Bulletin of offers in a wide range as high as mid-high $70s/7 cents at the top end for H1 tonnes, indicating that traders are far apart...


Archie Hunter

Julian Luk

September 17, 2018

16:36 GMT