Copper concentrate TC/RCs rise on resumption of deliveries from Las Bambas

Copper concentrate treatment and refining charges (TC/RCs) rebounded slightly amid a lack of spot deals while annual contract negotiations kicked off during the annual London Metal Exchange Week gathering this week.

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...


Julian Luk

November 01, 2019

18:48 GMT