The Fastmarkets copper concentrate TC/RC index basis cif Asia Pacific dropped to $49.8 per tonne/ 4.98 cents per lb on August 9 from $50.4/5.04 cents a week ago. The latest value is another record low since Fastmarkets started indexing the market in 2013.
Market liquidity is starting to thin after smelters in China had bought heavily once the $55/5.5 cents buying floor was set by the CSPT in mid-July.
“There's limited interest. What will be interesting is how the market is affected if the Matarani situation drags on,” a trading source told Fastmarkets.
Delays to shipments from Matarani in Peru, which is the export port for mines producing 6% of the...