Fastmarkets’ Asia-Pacific TC/RC index dropped to $52.4 per tonne/5.24 cents per lb on Friday June 28, its lowest since the index was launched in June 2013. It was $53.5 per tonne/5.35 cents per lb a week ago.
Downward momentum in the market partly stems from trading companies picking up tonnages from an ever-expanding spot market.
As well, some miners are delivering minimal tonnages against their benchmark-related frame contracts in the hope that they will have units available to sell at what are now ultra-low spot terms.
Atlas Mining’s Carmen concentrates tender for July and August delivery was reportedly awarded to a trader in the high-$30s/low $40s, which would be a low for this year.
Cobre Panama begins shipments; cargoes to hit China first
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