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 on their views for next year’s market. “Crazy doesn’t even cover...

Published

Archie Hunter

Julian Luk

September 17, 2018

16:36 GMT

London