Agreement between Antofagasta and Jiangxi set to become 2016 benchmark

摘要

The market was taken by surprise when, by mid-December, Jiangxi Copper and Antofagasta Mineralsreached agreement on the 2016 annual TC/RC at $97.35/9.735?. Given that the positions officially heldby miners and smelters until that time, at $90/9? and $110/11? respectively, remained wide apart, marketparticipants were prepared to see the negotiations led by Freeport on the miners’ side drag on until March,interrupted by Christmas and the Chinese New Year Holiday.