Even if the Chinese concede further they may not get the raw material. The crunch point for availability will be the third quarter, when three or four of the smaller plants arc expected to shut. Other smelters are also much less well-covered than at the start of the year, with Pasar, LG Nikko and other Pacific Rim plants rumoured to be short. Sterlite has had to compensate for temporary closure of its Highway mine, and some of the European smelters have had to go into the spot market. Slippage on delivery schedules from Escondida and the low copper grades on recent shipments from both Escondida and Collahuasi have left even the Japanese less comfortable, and both miners and traders report discreet enquiries from Tokyo for spot material.
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