Fastmarkets' copper treatment and refining charges index cif Asia Pacific was at $56.3 per tonne/5.63 cents per lb as of Friday November 1, compared with $55.9/ 5.59 cents a week earlier and $56.3/5.63 cents a fortnight ago.
Multiple offers of clean tonnages were seen in the $60s with little interest from well-covered Chinese smelters, while traders are looking to pick up concentrates in the high $40s to low$50s.
Big gap between smelter and miners on annual TC
While the spot market remained largely illiquid, most market attention went to the benchmark TC/RC discussion, with major miners and smelters exchanging views on the mined copper demand -supply balance for 2020.
The negotiation of annual benchmark TCs started at a surprisingly low level in the high $40s, proposed by a major miner, which was rejected to lift up the...