Fastmarkets’ spot copper concentrate index for Asia Pacific was calculated at $66.7 per tonne/ 6.67 cents per lb on March 25, down from $69 per tonne/ 6.9 cents per lb two weeks ago. The index had settled at $74.30/7.43 cents a month ago.
The index is at its lowest level in the past year - a period marked by soaring TC/RCs after Sterlite Copper’s Tuticorin smelter in India was ordered to keep over 1 million tonnes of copper concentrates processing capacity off the market.
In the past two weeks, several second-quarter spot parcels of standard concentrates were transacted at a level close to the low $70s for Asian smelters, including in China.
Traders are bidding for nearby cargoes at TC/RCs in the mid-$50s to low $60s, while second-quarter cargoes of Constancia, Carmen and Escondida concentrates were said to be offered to the market in the past two weeks.
Bids coming in...