The CSPT, which comprises purchasing managers from the country’s largest copper smelters, made the decision at its quarterly meeting in Fuzhou city, Fujian province, on Thursday.
The latest price floor represents only a slight increase from the fourth-quarter price floor of $66 per tonne/6.6 cents per lb
, which was settled in mid-October, but is 29.3% higher than Fastmarkets’ latest assessment of spot terms.
Fastmarkets assessed copper concentrates TC index, cif Asia Pacific
at $51.8 per tonne/5.18 cents per Ib on December 20, up from $51.3 per tonne/5.13 cents per Ib a week earlier.
Another topic being discussed at the CSPT meeting in Fuzhou on Thursday, according to sources, was the possibility of production cuts owing to the low spot TCs and unprofitable prices...