The bulk of 2020 blister copper 98-99% annual benchmark RC cif China
supply contracts have been agreed at $125-133 per tonne. The range compares with $155-175 per tonne for 2019.
In late November last year, initial offers from producers to traders came in at as low as the $110s per tonne while offers from traders to smelters started at lows of $120s. Bids from several major Chinese smelters were above $130 per tonne.
The gap is eventually narrowed after contractual talks between China’s biggest consumer, Jiangxi Copper, and Zambian producer Chambishi (CCS) concluded at $128 per tonne in mid-December - the...