Copper conc TC/RCs rebound slightly mid-Aug on stable smelter purchase terms

Treatment and refining charges (TC/RCs) for spot copper concentrates rose marginally in mid-August following five consecutive weeks of declines, with few smelters in the market buying tonnages at stable terms.

Fastmarkets' copper concentrate TC/RC index basis cif Asia Pacific rebounded to $50.20 per tonne/ 5.02 cents per lb on August 23, up from $49.60 per tonne/ 4.96 cents per lb a week ago - which was a record low since Fastmarkets started indexing the market in 2013.
Earlier this month, the mine tenders for Carmen and Buenaventura spot cargoes were awarded to traders with TCs in the $20s, with factors such as gold content of Buenaventura and short freight voyage for Carmen being taken into account. 

A handful of Chinese smelters continued to take tonnages at around the $55 per tonne/ 5.5 cents per lb mark - equivalent to the third-quarter price floor set by the Copper Smelter Purchase Team...


Julian Luk

August 23, 2019

17:15 GMT