Fastmarkets’ copper concentrates TC/RC index cif Asia Pacific rebounded to $50.1 per tonne/ 5.01 cents per lb on Friday September 6 from $49.2 per tonne/ 4.92 cents per lb the week earlier. Despite the rise, the index is still hovering at a record low since the launch in 2013.
Major Chinese smelters, who reported being generally well stocked, adhered to the third-quarter buying floor of $55 per tonne/5.5 cents per lb set by the Chinese Copper Smelter Purchase Team (CSPT) in mid-July, with few parcels changing hands around the level and most bids coming at high $50s.
“Maybe there are some second-tier smelters buying below, but I haven’t heard any of the CSPT moving from that $55 per tonne level,” a trader source said.
Traders have raised their offer levels from low $50s to mid $50s for Chinese smelters, who hold over half of the world’s...