The Fastmarkets copper concentrate TC/RC index dropped to $82.3 per tonne / 8.23 cents per pound, down for the third fortnight.
Liquidity in the market has slowed ahead of China’s Lunar New Year holiday (February 4-10, 2019). Most smelters are well stocked for the first quarter and are not inclined to buy spot parcels.
“Some offices will close for the week-long holiday from next week and time is too short to arrange contracts, shipments or import clearance,” one source from a major smelter said.
Smelter buying deals were reported to Fastmarkets at levels above $90 per tonne, but for small tonnages or slightly complex material.
“There is still some demand for spot materials, especially for those deliveries in late February and March after the holidays,” another smelter source said.
Smelters in China reported offers of March-April delivery copper concentrates...