Spot market tightness eases in early July on positive supply side news

摘要

The picture on the spot market was shrouded in a mist of uncertainty over the last month, as market participants vied to assess the potential impact of various issues on both the supply and demand side. The key ambiguities pertained to the duration of the outage at Grasberg, the extent of the delay to the first shipment of concentrates from Oyu Tolgoi, and a decision on the future operation of Sterlite's Tuticorin smelter.